China's economy expanded by 7.4 percent in the first quarter (Q1) of this year, better than what economists expected, but remains the slowest in 18 months according to data released by the National Bureau of Statistics.

The growth was also slower than the 7.7 percent expansion registered in the last quarter of 2013.  This is partly due to a slower consumption rate and less investments during the January - March period.

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The Spring Festival and the different holidays during the period also were affected by the slowdown of the country's economic growth.

The NBS, however, said the Q1 growth was higher than the 7.3 percent growth forecast by economists earlier this year.

It added that the preliminary data showed that China's gross domestic product (GDP), the main gauge of a country's economic status, hit 12.8 trillion Yuan in the first three months of the year.

The 7.4 percent economic growth was China's slowest since the third quarter of 2012, or 18 months ago, when the country's GDP also expanded by 7.4 percent.

NBS spokesman, Sheng Laiyun, revealed during a press conference that China's economy continues to face downward pressure.

Economists said that while the slower GDP growth in Q1 suggested that China's economy is still under pressure.  The growth rate, they said, was still within a reasonable range, and still far from the 6.6 percent growth registered during the financial crisis in 2009.

China has set its 2014 growth target at 7.5 percent but economists and experts said it will be very hard for the country to attain its GDP goal due to various factors.

Still, Premier Li Keqiang said the 7.5 percent growth is just a forecast, and that the country only needs to expand by 7.2 percent to ensure there are enough jobs for the Chinese people.