China raises 2009 growth estimate to 9.1pc
China, the world’s third-largest economy, raised its estimate for growth in 2009 to 9.1pc from 8.7pc, as output by industrial and services companies increased at a faster pace.
The expansion put the value of gross domestic product at 34.05 trillion yuan, the National Bureau of Statistics said in a statement on its website today.
The figure translates to $4.98 trillion based on the average exchange rate between the yuan and the dollar in 2009, suggesting Japan retained its position as the second-largest economy with economic output of $5.07 trillion, according to Bloomberg calculations.
Growth was revised after “verification” of preliminary data released on January 21 showed expansion in both the industry and services sectors was 0.4 percentage point faster than originally estimated, according to the statement.
“China usually revises economic growth due to insufficient data collection, especially in the services sector,” said Lu Ting, a Hong Kong-based economist at Bank of America-Merrill Lynch.
“The revision to the industrial sector may be due to volatility in prices last year stemming from the financial crisis.”
The pace of industrial expansion was raised to 9.9pc and the rate for services was increased to 9.3pc, the bureau said in today’s statement.
Lu and Sun Mingchun from Nomura Holdings in Hong Kong said the revision won’t affect their growth forecasts for China this year.