China says economy grew 4.9% in third quarter

A gas station attendant wears a mask as he refuels a car at a Sinopec gas station where customers can purchase supplies as the country is hit by an outbreak of the novel coronavirus, in Beijing, China on 28 February 2020.

Thomas Peter | Reuters

BEIJING – China’s economy recovered from the coronavirus again in the third quarter, according to data released Monday by the National Bureau of Statistics.

The world’s second-largest economy recorded lower-than-expected third-quarter GDP growth, up 4.9% from a year ago. This brings growth for the first three quarters of the year to 0.7% from a year ago.

Chinese economists were forecasting GDP growth of 5.2% in the third quarter, according to an average of estimates compiled by Wind Information, a financial information database.

“Generally speaking, the national economy as a whole has continued its steady recovery and significant results have been achieved in coordinating the prevention and development of the epidemic,” the office said in an English statement. . “However, we must also be aware that the international environment is always complicated and serious, with considerable instabilities and uncertainties, and that we are under great pressure to prevent epidemic transmissions from abroad and its resurgence in the country. The economy is still developing. the recovery and the foundations for a sustainable recovery must be consolidated.

Retail sales rose 3.3% in September, up 0.9% in the third quarter. For the first nine months of the year, retail sales contracted 7.2%.

Investments in fixed assets increased 0.8% in the first three quarters of the year.

The official urban unemployment rate surveyed fell slightly in September to 5.4%.

Industrial production rose 6.9% in September from a year ago, bringing total growth for the first nine months of the year to 1.2%.

Official figures show that China’s gross domestic product contracted 6.8% in the first three months of the year, when more than half of the country temporarily closed in an attempt to limit the spread of the coronavirus .

GDP grew 3.2% in the second quarter.

The International Monetary Fund expects China to be the only major global economy to grow this year, at 1.9%.

This is breaking news. Please come back for updates.

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