China’s 2011 GDP growth revised upward

September 5th, 2012 - 5:15 pm ICT by IANS  

Beijing, Sep 5 (IANS) China’s gross domestic product (GDP) growth for 2011 has been revised upward by 0.1 percentage point to 9.3 percent from the previous year, the National Bureau of Statistics (NBS) said Wednesday.

The revised GDP for 2011 stood at 47.29 trillion yuan ($7.45 trillion), 131.8 billion yuan higher than the preliminary reading released earlier this year, according to a statement by the NBS.

The inflation-adjusted revision was based on verified analyses of the country’s annual reports, financial statements of different sectors and surveys by the NBS, reported Xinhua.

The NBS statement showed that the new-found gains in GDP came from the country’s service sector, while contributions to the general economy from agriculture and the manufacturing and construction industries were adjusted downward.

The service sector grew faster than previously thought, reaching 20.5 trillion yuan last year at a growth rate of 9.4 percent year on year, up 172.3 billion yuan and half a percentage point from the preliminary figure released in January.

Manufacturing and construction growth for 2011 was revised to 10.3 percent, down 0.3 percentage points from the initial reading. The revised output of such industries stood at 22.04 trillion yuan, 17.9 billion yuan less than the January data.

Growth in the agriculture sector eased 0.2 percentage points from previously announced rate to 4.3 percent year on year, with agricultural output being modified to 4.75 trillion yuan, 22.6 billion yuan lower than the initial calculation.

Based on the revised statistics, the country’s primary industries accounted for 10 percent of China’s 2011 GDP, while secondary industries accounted for 46.6 percent and tertiary sectors accounted for 43.4 percent.

The NBS will issue a final GDP reading in the coming months according to a three-step publication procedures with more detailed data.

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