BEIJING (Sputnik) — The country's GDP growth rate in 2016 went down compared to 2015, in line with government predictions, but demonstrating worst performance in the past 26 years.
"According to preliminary data, China’s Gross Domestic Product [GDP] amounted to 74.41 trillion yuan [about $10.84 trillion], which is 6.7% more than last year. In particular, the annual GDP growth in the first quarter was 6.7%, in the second – 6.7%, in the third – 6.7% and in the fourth – 6.8%," the bureau said in its report.
Retail sales in China increased 10.4 percent last year, amounting to 33.23 trillion yuan (about $4.84 trillion). Online retail sales grew by 26.2 percent.
China's economy has recently experienced significant turmoil, with growth rates at record lows, an increasingly volatile stock market and the yuan sliding against other currencies.
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