China’s GDP growth rate reaches 24-year low 7.4%

As an indication of the slowing down in the economy, China’s GDP growth rate is decreased to 7.4% in 2014.

This is the lowest growth rate in the last 24 years of China’s economic history. The growth rate in 2013 was 7.7%.

What is GDP?

1. Gross Domestic Product
2. The market value of all the finished goods and services produced within a country’s borders, in a year
3. GDP is commonly used as an indicator of the economic health of a country

What is GDP growth rate?

The rate at which a nation’s Gross Domestic product (GDP) changes/grows from one year to another