Thursday, January 22, 2009

China's economic growth slows to 6.8%

According to official data, released from the Chinese statistics bureau in Beijing, gross domestic product grew by 6.8% in the 4th quarter of 2008, a sharp decline from the 9% average gain realized in the first three quarters of 2008.

Goldman Sachs, Thompson Reuters Data Stream PBOC

- China: Total Loans 2008
- China: Industrial Production 2006-08
- China: Real GDP 2000-2009

This is big news for the global economy, especially for commodity markets. Adding to the damages was further news from the region.

Japan saw its exports decline 35% in December, the biggest drop since 1980.

South Korea released official figures, stating its economy has contracted by 5.6% in the 4th quarter of 2008.

Singapore has said it will tap into its reserves from the first time ever, with the president giving his “in-principle approval” to fund a $4.9 billion relief package.

News is not all that good, to say the least. Check out the press from a few major news sources.

China's economy slows sharply, worse yet to come – Reuters
China's economic growth slows – BBC
China's GDP grows by seven-year low of 9% in 2008 - Xinhua
China's GDP growth slowed to 6.8% in fourth quarter (update 2) – Bloomberg
S'pore to tap reserves – The Straight Times
South Korea braces for first recession in 11 years – The Business Times Malaysia
Japan's exports plunge as recession deepens – AP via Yahoo News
Miners to be hit as China's slowdown worsens – The Australian