BEIJING, Jan 23 (Reuters): Weakness in the service and farm sectors slowed China's economic growth in the fourth quarter, despite a strong pickup in construction activity, official data showed on Tuesday.
Services grew 7.4 per cent from a year earlier, slowing from 7.9 per cent in the third quarter, while growth in agriculture slowed to 3.5 per cent from 3.6 per cent, the National Bureau of Statistics (NBS) said.
The sector-by-sector breakdown follows release of headline GDP figures on Monday that showed China's economy in the last quarter expanded at its slowest rate since the global financial crisis due to faltering domestic demand and an ongoing trade war with the United States.
The services sector accounted for almost half of gross domestic product in the quarter by value as China continued to transition towards a service-oriented economy, while agriculture contributed about 10 per cent, according to Reuters' calculations based on the latest data.
Services suffered a broad-based slackening from real estate to tech, as these industries braced for more cautious investor lending and softer consumer demand.
Real estate growth slowed to 2.0 per cent year-on-year in the fourth quarter from 4.1 per cent a quarter earlier, as government tightening measures to curb speculation and skyrocketing prices subdued overall demand.
Weakness in services, farm sectors slows China GDP growth
FE Team | Published: January 23, 2019 23:45:23
Weakness in services, farm sectors slows China GDP growth
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