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Macroeconomic outlook report: China

Fourth quarter of 2017

During the fourth quarter of 2017, the Chinese economy maintained its year-on-year growth rate stable with respect to the previous quarter, at 6.80%. On the other hand, the y/y growth of the national demand experienced a deceleration with respect to 2016, with a rate of 6.27% in 2017. Regarding the labor market, the unemployment rate went down by 0.05 p.p. when compared to the third quarter of 2017, reaching 3.90%. The renminbi appreciated against the dollar, registering an exchange rate of 6.59 RMB/$. Lastly, the inflation stood at 1.80%.

Macroeconomic overview

  • During the fourth quarter of the year, the Chinese economy maintained its year-on-year GDP growth rate with respect to the previous quarter, at 6.80%. In annual terms, the Chinese GDP growth in 2017 stood at 6.85%, after an acceleration of 0.15 p.p. compared to the growth rate registered the previous year. Regarding the national demand, it experienced an acceleration of 1.54 p.p. in 2017 compared to 2016, up to 6.27%.
  • As for the labor market, the unemployment rate went down by 0.05 p.p. to a rate of 3.90%. In annual terms, in 2017 the unemployment rate registered an average of 3.96%, 0.08 p.p. below the rate registered in 2016.
  • The renminbi appreciated against the US dollar by 0.08 renminbis per dollar during the last quarter of 2017, registering an exchange rate of 6.59 RMB/$. This appreciation was attributed to the weakening of the dollar as a result of the political uncertainty of the United States.
  • The inflation stood at 1.80% in the fourth quarter of 2017, accelerating 0.20 p.p. compared to the previous quarter, below the 3% target of the People's Bank of China.

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