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China’s GDP grew faster than forecast in 2005

SHANGHAI: China’s economy grew 9.8 percent in 2005, a senior Chinese official was quoted as saying Monday, faster-than-expected after a major revision upwards last month of the size of the economy in 2004.

Ou Xinqian, vice minister of the National Development and Reform Commission (NDRC), said the final year figure would be up 0.4 percentage points from the organisation’s previous forecast of 9.4 percent.

“This figure was adjusted according to the newly revised 2004 GDP,” Xinhua quoted Ou as saying, referring to last month’s revision of China’s gross domestic product (GDP) data.

That revision showed the total value of China’s economy at the end of 2004 was in reality 16.8 percent, or 284 billion dollars, more than previously estimated.

The miscalculation, mainly in the service sector, meant China hopped over Italy to become the world’s sixth largest economy with total GDP of more than 1.97 trillion dollars.

The revised 2005 growth figure of 9.8 percent from Ou is not the final official number. afp

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