China GDP: economic recovery regains momentum in third quarter, edges closer to annual target

Name: China’s economy sees a resurgence in the third quarter, beating forecasts
Uploaded: 2023-10-18T02:00:34.000Z
Duration: 2 min 39 s
Description: China’s economy sees a resurgence in the third quarter, beating forecasts

China’s economy grew by 1.3 per cent in the third quarter from the previous three months, and by 4.9 per cent year on year

Property market remained a drag as real estate investment fell by 9.1 per cent in the first three quarters, while retail sales grew by 5.5 per cent in September, year on year

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02:39

China’s economy sees a resurgence in the third quarter, beating forecasts

Luna Sunin BeijingandFrank Chenin Shanghai

Published: 10:00am, 18 Oct 2023Updated: 9:34am, 19 Oct 2023

China’s economic recovery regained mild momentum in the third quarter, rising by 1.3 per cent from the previous three months, amid ongoing calls for increased policy support to sustain a consistent growth trajectory.

The third-quarter growth was higher than the sequential rise of 0.8 per cent in the second quarter.

Year on year, China’s gross domestic product grew by 4.9 per cent in the third quarter, the National Bureau of Statistics (NBS) said on Wednesday.

The year-on-year figure was higher than the average economist’s estimate of a 4.5 per cent rise, as surveyed by Chinese data provider Wind.

China’s economy had grown by 6.3 per cent in the second quarter, year on year, which was largely due to the low base caused by last year’s economic shutdowns amid stringent coronavirus control measures.