China GDP: economy grew by 3.9 per cent in third quarter, beating expectations, but recovery mixed

China’s economy grew by 3.9 per cent in the third quarter, compared with a year earlier, up from the 0.4 per cent growth seen in the second quarter

Retail sales rose by 2.5 per cent in September from a year earlier, while industrial production rose by 6.3 per cent last month

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China had been expected to release its third-quarter economic data on October 18 during the 20th party congress, but the release of the data was delayed. Photo: Bloomberg

Published: 9:53am, 24 Oct 2022Updated: 11:32am, 24 Oct 2022

China’s economy beat expectations and grew by 3.9 per cent in the third quarter of 2022 compared with a year earlier, the National Bureau of Statistics (NBS) announced on Monday.

The world’s second-largest economy had been predicted to grow by 3.7 per cent in the third quarter of the year, according to Chinese data provider Wind, following expansion of 0.4 per cent in the second quarter.

China has set its gross domestic product (GDP) growth target for 2022 at “around 5.5 per cent”, but Premier Li Keqiang has since admitted China is likely to fall short.

Economic growth in the first three quarters of the year stood at 3 per cent, missing market expectations.

September activity data presented significant divergence amid tighter Covid controls, prolonged property downturn, weakening export growth and continued policy stimulus

Goldman Sachs

“September activity data presented significant divergence amid tighter Covid controls, prolonged property downturn, weakening export growth and continued policy stimulus,” said analysts at Goldman Sachs.