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China says its economy grew by 4.9% in the third quarter

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

Thomas Peter | Reuters

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

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7;s second largest economy reported third-quarter GDP growth at the low end of expectations, up 4.9% from the previous year. This brings the growth in the first three quarters of the year to 0.7% from the previous year.

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

“Overall, the overall national economy continued the steady recovery and significant results have been delivered in coordinating the prevention and development of epidemics,” the Bureau said in an English-language publication. “However, we must also be aware that the international environment is still complex and serious with significant instabilities and uncertainties, and that we are under great pressure to prevent epidemic transmissions from abroad and its resurgence at home. The economy is still in the process of recovery and the basis for continuous improvement must be consolidated. “

Retail sales rose 3.3% in September to 0.9% in the third quarter. In the first nine months of the year, retail sales fell by 7.2%.

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

Official urban surveyed unemployment rose to 5.4% in September.

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

Official figures showed that China’s gross domestic product fell 6.8% in the first three months of the year, with more than half of the country temporarily shutting down in an attempt to curb 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 by 1.9% this year.

This is a news story. Please see again for updates.

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