China 2013 GDP revised upward but unlikely to influence growth this year

China’s gross domestic product (GDP) for 2013 was up 3.4% to 58.8trn yuan (£6.1trn) according to the country's National Bureau of Statistics.

The upward revision of the GDP, which marks a rise of 1.9trn yuan in the size of the country’s economy for 2013, showed a bigger input from the services sector, which accounted for 46.9% of GDP, up from an initial estimate of 46.1%.

The secondary sector, which comprises construction and manufacturing, accounted for 43.7% of GDP, slightly down from a 43.9% estimate.

However, analysts have warned that the revision will not prove to be enough to ease pressures on the government to support the slowing economy.

"The economy still faces downward pressure and the government is likely to lower its growth target for 2015," Tang Jianwei, an economist at Bank of Communications who expected the government to maintain policy stimulus next year, was quoted as saying by Bloomberg.

Some analysts had expected the GDP revision to facilitate the government task of meeting its growth target of about 7.5% in 2014 but the statistics bureau said the revision is unlikely to affect growth in 2014.

"The revision of 2013 GDP could affect the size of 2014 GDP but will basically not affect GDP growth for 2014," the bureau said in a statement.

China's economic growth slowed down to 7.3% in the third quarter, while November's disappointing factory and investment figures suggest full-year growth will miss the government’s 7.5% target and spell the weakest expansion since 1990.

Beijing’s financial advisors have recommended that China lower its growth target to around 7% in 2015.