( CNN ) -- China 's economic growth rose in the fourth quarter of 2012 , helping the world 's most populous nation end the year with a growth rate of 7.8 % , according to figures released Friday from the National Bureau of Statistics . Last quarter , China 's economy grew at a pace of 7.9 % , slightly better than analyst expectations and breaking a pattern of seven straight quarters of decline . China 's growth rate had been steadily falling since the fourth quarter of 2010 , when economic output grew 9.8 % . The slowing growth rate bottomed out in the third quarter of 2012 , when China 's economy only grew at 7.4 % . Last March , Chinese Premier Wen Jiabao lowered the country 's 2012 growth target from 8 % to 7.5 % . While such growth would be the envy of most nations , China 's economy has grown at an average rate of about 10 % each year for the past 30 years . This has helped propel China to become the world 's second largest economy , just behind that of the United States . China 's leaders are widely expected to maintain its 7.5 % growth target into 2013 . Adding to Friday 's better-than-expected growth figures , China 's industrial production increased to 10.3 % year-on-year versus expectations of 10.2 % growth . Retail sales rose 15.2 % year-on-year , also a 0.1 % point increase over expectations .
China 's economy grew 7.9 % in the fourth quarter , slightly better than 2011 . The world 's second largest economy grew 7.8 % for the year in 2012 . Fourth quarter growth rate followed seven straight quarters of growth .