China's economy grew slower last year than previously announced says Beijing

China's economy last year grew slightly more slowly than the government had previously announced.
China's economy last year grew slightly more slowly than the government had previously announced.PHOTO: AFP

BEIJING (Reuters) - China has revised its annual economic growth rate in 2014 to 7.3 per cent from the previously released figure of 7.4 per cent, the National Bureau of Statistics said on Monday.

Gross domestic product stood at 63.6 trillion yuan (US$10 trillion) last year, down by 32.4 billion yuan from the initial estimate, the bureau said in a statement on its website.

The bureau has revised down 2014 growth of the services sector by 0.3 percentage points to 7.8 per cent, which helped drag down estimated GDP growth rate, it said.

The primary sector - the agriculture sector - grew 4.1 per cent last year, while growth of the secondary sector, which includes manufacturing and construction, rose 7.3 percent.

After the revision, the services sector accounted for 48.1 per cent of GDP last year, down from the previously announced 48.2 per cent, the bureau said.

The manufacturing and construction sector accounted for 42.7 per cent of GDP while the farm sector accounted for 9.2 percent.

The world's second-largest economy grew 7 percent in the first half from a year earlier - in line with the government's target for 2015, but recent downbeat data has raised the risk the government could miss the full-year growth target.