China's GDP rises 10.6% in first quarter

Macroeconomics

17 April 2008

China's economy grew by 10.6% in the first quarter, compared to the same period the previous year, AFP reported, citing data from the National Bureau of Statistics. This compares to GDP growth of 11.7% in first quarter of last year and 11.9% for 2007 as a whole. Inflation remains a source of concern, with the consumer price index climbing 8% year-on-year in the first quarter. However, price growth did ease to 8.3% in March from 8.7% in February. The rise in inflation was driven in part by soaring food prices, which rose by 21% in the first quarter. Fixed asset investment rose by 24.6% year-on-year over the same period.

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