China’s Q3 GDP growth slows to 4.9% from 7.9% in Q2

China’s gross domestic product (GDP) growth in the third quarter this year slowed to 4.9 per cent year on year (YoY), slightly below expectations, according to data from the National Bureau of Statistics (NBS). The figure was 7.9 per cent in the second quarter. That was the slowest pace since last year’s third quarter, when GDP also expanded by 4.9 per cent.

It also marked a further deceleration from the 18.3 per cent jump in the first quarter.

“We must note that the current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven,” said NBS spokesperson Fu Linghui at a briefing.

China’s gross domestic product (GDP) growth in the third quarter this year slowed to 4.9 per cent year on year (YoY), slightly below expectations, according to data from the National Bureau of Statistics (NBS). The figure was 7.9 per cent in the second quarter. That was the slowest pace since last year’s third quarter, when GDP also expanded by 4.9 per cent.

“Although the economic growth slowed due to various factors such as the COVID-19 resurgence, floods and high base, the country’s economic growth still shows resilience and vitality. In general, we are capable and qualified to achieve full-year development goals,” said Fu.

In the first three quarters, the country’s GDP grew by 9.8 per cent compared with a year earlier, with an average two-year growth of 5.2 per cent, according to NBS.

Retail sales growth rebounded to a stronger-than-expected 4.4 per cent YoY in September from 2.5 per cent in August. Total retail sales for the first three quarters grew by 16.4 per cent YoY, with an average two-year growth of 3.9 per cent.

Industrial production growth slumped to 3.1 per cent YoY in September from 5.3 per cent in August, marking the slowest growth since March 2020 in the first wave of the COVID-19 pandemic, official Chinese media reported.

In the first nine months, the total value added of industrial enterprises above the designated size grew by 11.8 per cent YoY, or an average two-year growth of 6.4 per cent. 

Fibre2Fashion News Desk (DS)