According to figures released by the China National Bureau of Statisics (NBS) in April, the country's economy grew by 7.7% year-on-year in Q1 2013 - down from 7.9% in the previous quarter. This raises the prospect of a continued period of weakness in the global coal market, as Chinese demand remains sluggish. A number of analysts have now downgraded their outlook for the Chinese economy. Speaking to 'World Coal, Caroline Bain of the Economist Intelligence Unit (EIU) said that the EIU now expected growth of 8% in 2013 after cutting its forecast from 8.4% on the back of the weak growth figures: "the stimulus undertaken in 2012 does not, as yet, appear to be having a significant impact on economic activity," she added. Meanwhile, Goldman Sachs, Royal Bank of Scotland and JPMorgan Chase have cut their estimates to 7.8%-the same as 2012.
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