Chinese growth overestimated – NAB

By FXStreet FXStreet (Guatemala) – Analysts at NAB offered updates to official data downgraded 2014 growth…

Key Quotes:

“In early September, China’s National Bureau of Statistics (NBS) released revised estimates for the country’s gross domestic product (GDP), which showed weaker than previously reported growth in 2014. In January, the NBS estimated China’s economic growth at 7.4% in 2014, however this was cut to 7.3% in the September revision – given RMB 32 billion was cut from the 2014 level.

A weaker estimated growth rate for China’s services sector was the main driver to the GDP revision (with output from both the agricultural and industrial sectors revised marginally higher). For the full year, the services sector grew by 7.8% according to the latest estimates, compared with 8.1% growth reported in January. Despite this weaker growth profile, services have been the strongest growing component of China’s economy for the past three years, as well as being the key driver of growth in the first half of 2015.”

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Source:: FX Street