China's GDP growth slowed to 4.9% in the third quarter

According to the State Statistical Office, in the third quarter of 2023, China's economy showed growth of only 4.9% compared to the same period last year. This indicator means a slowdown in growth compared to 6.3% in the second quarter.

Nevertheless, the result exceeded the forecasts of analysts who expected an increase of 4.4%. It is important to note that China's economy has been growing for the fifth consecutive quarter, and although more significant growth was expected, current indicators continue to maintain stability.

The rise in Chinese GDP in July-September compared to the previous three months was 1.3%. At the same time, the estimate of economic growth in April-June was revised to 0.5% quarterly compared with the previously announced 0.8%.

The volume of industrial production in China in September increased by 4.5% compared to the same month of the previous year, which exceeded analysts' expectations. In the manufacturing industry, the rise was 5%, in the mining industry – 1.5%. In the field of production and supply of electricity, gas, heating and water, the indicator increased by 3.5%.

Retail sales in the country also increased in September – by 5.5% compared to a year earlier, which is the most significant increase since May. Analysts' forecast suggested an increase of only 4.9%.

Unemployment in China fell from 5.2% in August to 5% in September, the lowest level since November 2021.

Investments in fixed assets in January-September increased by 3.1% compared to the same period last year. Experts on average predicted an increase of 3.2%.