China Economy Accelerates in the Fourth Quarter


In the fourth quarter of 2012, the Chinese economy expanded by 7.9 percent year-on-year and by 2.0 percent quarter-on-quarter, according to a report by the National bureau of Statistics of China.

According to preliminary accounting, the GDP of China was 51,932.2 billion yuan in 2012, a year-on-year increase of 7.8 percent at comparable prices. Specifically, the year-on-year growth of the first quarter was 8.1 percent, 7.6 percent for the second quarter, 7.4 percent for the third quarter and 7.9 percent for the fourth quarter. The gross domestic product of the fourth quarter of 2012 went up by 2 percent on a quarterly basis.

The value added of the primary industry was up by 4.5 percent; the secondary industry up by 8.1 percent; and the tertiary industry up by 8.1 percent. The total value added of the industrial enterprises above designated size in 2012 was up by 10 percent at comparable prices, the annual growth of the heavy industry was 9.9 percent, and 10.1 percent for the light industry.
 
The total value of imports and exports in 2012 was 3,866.76 billion US dollars, an annual increase of 6.2 percent. The total value of exports was 2,048.93 billion dollars, up by 7.9 percent; the total value of imports was 1,817.83 billion dollars, a year-on-year increase of 4.3 percent. The trade balance was 231.1 billion dollars. In terms of the total value of imports and exports, the general trade was 2,009.83 billion dollars, up by 4.4 percent.
 
In 2012, the consumer price went up by 2.6 percent year-on-year, which was 2.8 percentage points lower than that in the previous year. The per capita disposable income of urban households growth was 9.6 percent after deducting price factors, which was 1.2 percentage points higher than that in the previous year.

NBSC | Nuno Fontes | nuno@tradingeconomics.com
1/18/2013 9:08:05 AM