Business

China's GDP Grows 6.9 Percent In First Half Of 2017, Crosses India Projections

NEWS WORLD INDIA | 0
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| } July 17 , 2017 , 16:52 IST

Breaking both expectations and estimations, China’s Dross Domestic Production in the first half of the year has grown 6.9 percent while the retail sector has risen to a stunning 10.4 percent.

As compared to China, India’s GDP only grew by 6.1 percent in the first quarter, which is also less than the preceding year’s projection of 7 percent.

According to the National Bureau of Statistics (NBS), China's GDP grew 6.9 per cent year-on-year while the retail sector rose 10.4 per cent in the first half of the year. The growth rate is well above the government's target for the year of 6.5 per cent, reflecting a firming trend in the nation's economy.

According to NBS, the service sector expanded 7.7 per cent year-on-year in the first half, outpacing a 3.5-per cent increase in primary industry and 6.4 per cent in secondary industry.

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The NBS also unveiled the growth of total investments in fixed assets during the first six months at 8.6 per cent compared to the same period of 2016, although it is 0.6 points lower than the first quarter of this year.

Meanwhile, retail sales in June increased by 11 per cent compared to the same month in 2016, and a month-on-month increase stood at 0.93 per cent.

India, on the other hand, is suffering from the impact of demonetization in the country. Prime Minister Narendra Modi, on November 8, announced the demonetisation of the Indian high-value denomination of Rs 500 and Rs 1000 which crumbled the economy.