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26 July 2006 Construction drives China’s GDP growth to 11.3% China’s gross domestic product in the second quarter grew by 11.3% year-on-year, according to the National Bureau of Statistics. Fixed-asset investment (mainly construction spending) remained a key driver of growth, increasing a strong 29.8% to Rmb4, 237bn (US$530bn) in the first half of the year. However, rising prices of oil and other raw materials e.g. iron ore have hit China’s commodity industries. The steel sector and the refinery sector all made a loss during the first six months of the year.
Economic Research Unit |
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