China 2014 GDP Growth Was 7.4%, Easing Concerns Over A Hard Landing

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Chinese Q4 GDP has beaten expectations, showing the economy growing at 7.3% year-on-year.

The market had been expecting 7.2%, so it’s a marginal beat and will allay concerns that growth in China is slowing faster than expected.

For calendar 2014 (different from the quarterly data) GDP growth was 7.4%, close to the official target of 7.5%.

However, the Chinese economy is clearly decelerating, with the quarter-on-quarter number for Q4 just 1.5%, compared to 1.9% over the previous two quarters.

The WSJ reports that the rate of annual growth is the slowest in 24 years.

Industrial production was up 7.9% year on year against 7.4% expected – a strong result after a sharp drop below 7% in the last numbers – while retail sales at 11.9% were better than expected.

Australian stocks rallied on the news, with the ASX200 erasing earlier losses and now trading flat for the session.

Via Soc Gen, here’s what the market was expecting before the release.

More to come…

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