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China's economy slumps to 28 year low to 6.6% in 2018

Chinas economy slumps to 28 year low to 6.6% in 2018

Beijing: China's economy grew at 6.6 per cent in 2018, its slowest rate in almost three decades as the world's second biggest economy grappled with the effects of the current trade war with the US and declining exports.

In the three months to December, the economy grew 6.4% from a year earlier, down from 6.5 per cent in the previous quarter.

The data was in line with forecasts but underlines recent concern about weakening growth in the world's second largest economy.

China's National Bureau of Statistics (NBS) announced on Monday that Chinese economy grew at 6.6 per cent in 2018.

Last year's growth rate was down from 6.8 per cent in 2017 and was the lowest growth rate of 3.9 per cent, recorded in 1990.

The 6.6 per cent is above the official target of around 6.5 per cent, according to the data by the NBS. Growth in the fourth quarter came in at 6.4 per cent, down from 6.5 percent seen in the third quarter, the NBS said.

China's rate of expansion has raised worries about the potential knock-on effect on the global economy. The trade war with the US has added to the gloomy outlook.

The US and China have been locked in an escalating trade spat since early 2018, raising import tariffs on each other's goods.

Last year, US President Donald Trump imposed tariff hikes of up to 25 per cent on $250 billion of Chinese goods.

PTI

PTI

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