China says its economy grew 4.9% in third quarter


The pump attendant wears a mask as he refuses the car at a Sinopec gas station, where customers can buy supplies as the country is hit by a novel coronavirus outbreak on February 28, 2020 in Beijing, China.

Thomas Peter | Reuters

BEIJING – China’s economy rebounded from coronovirus in the third quarter, according to data released on Monday by the National Bureau of Statistics.

The world’s second-largest economy recorded third-quarter GDP growth at the low end of expectations, up from 4.9% a year earlier. This brings growth for the first three quarters of the year to 0.7% from a year earlier.

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

“In general, the overall national economy continued a steady recovery and provided significant results in the coordination of epidemic prevention and development,” the bureau said in an English-language release. “However, we should also be aware that the international environment is still complex and severe with considerable volatility and uncertainties, and that we are under great pressure to spread the epidemic from abroad and its resurgence at home. The economy is still in the process. Is. The foundations of recovery and continuous recovery need to be consolidated. ”

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

Fixed asset investment grew 0.8% in the first three quarters of the year.

The official urban survey unemployment rate decreased to 5.4% in September.

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

Official data showed that China’s GDP contracted 6.8% in the first three months of the year, when more than half of the countries were temporarily shut down in an effort to limit the spread of coronavirus.

GDP grew by 3.2% in the second quarter.

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

This is a breaking news. Please check back for updates.

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