China lowers 2012 GDP to 7.7%

China, the world's second largest economy, in a rare move on Monday lowered its GDP for 2012 by 0.1 percentage point to 7.7 per cent, the lowest in 14 years as the communist giant grapples with economic slowdown.

China's National Bureau of Statistics (NBS) lowered the 2012 economic growth figure of the country to 7.7 per cent from 7.8 per cent, state-run Xinhua news agency reported.

The revised figure is the lowest for China's Gross Domestic Product growth since 1999. China periodically updates its GDP figures but this the first time it has revised it downwards.

China's GDP stood at 51.9 trillion yuan ($8.5 trillion) for 2012, the NBS said. While revising the GDP, the NBS said the revision was preliminary and could be altered again depending on the availability of more data.

Despite the revision, the 7.7 figure remain few notches up over the 7.5 per cent target fixed for 2012.

This year too, the new leadership headed by President Xi Jinping fixed 7.5 per cent as the target amid global and domestic down turn.

China's economic growth eased to 7.5 per cent in the second quarter, down from 7.7 per cent in the first three months and the government has announced a slew of measures to halt the slowdown.

China overtook Japan as the world's second-largest economy in 2010.