China's economy expanded at a faster pace in the fourth quarter on spending, while the full-year growth hit the weakest in 26 years, data from the National Bureau of Statistics revealed Friday.
Gross domestic product grew 6.8 percent in the fourth quarter, while economists expected the rate to stabilize again at 6.7 percent.
In 2016 as a whole, the economy expanded 6.7 percent, which was within the government's target of 6.5 to 7 percent. However, this was the weakest growth in 26 years.
Earlier this week, the International Monetary Fund said China's growth is forecast to ease to 6.5 percent in 2017. But the rate was revised up by 0.3 percentage point from the October forecast on expectations of continued policy support. For 2018, the agency projected 6 percent expansion.
In December, industrial output growth eased more-than-expected to 6 percent from 6.2 percent in November. A similar weak growth was last seen in July.
Economists had forecast 6.1 percent growth for December. Production increased 6 percent in 2016.
Meanwhile, retail sales growth improved to 10.9 percent in December, the fastest in a year, from 10.8 percent in November. Sales were expected to rise only 10.7 percent.
Fixed asset investment climbed 8.1 percent in 2016, the NBS said. Private investment in fixed asset rose 3.2 percent.
Property investment climbed 6.9 percent in 2016 compared to just 1 percent in 2015.
by RTT Staff Writer
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