Image Source : REPRESENTATIVE China’s economic growth slows to 4.9% in third quarter
According to China’s trade data, the country’s economy has slowed down by 4.9 percent due to muted global demand, deflationary pressures and an ailing property sector. The previous quarter witnessed a growth of 6.3 percent.
On a quarterly basis, the economy grew by 1.3% in the third quarter, compared to 0.8% growth in the April-to-June quarter. The Chinese government in recent months has unveiled a raft of policy support measures to shore up the economy, including infrastructure spending, cutting interest rates and easing curbs for home-buying in an attempt to revive the property sector.
China’s trade data, released earlier this week, showed that exports and imports continued to decline although they contracted at a slower rate than previously. Beijing is aiming for 5% economic growth this year. Analysts estimate that China is likely to reach its goal, although that growth is likely to slow to 4.5% in 2024.
Earlier this year, growth was boosted as people flocked to shopping malls and restaurants after nearly three years of “zero-COVID” restrictions were removed in late 2022. However, growth from the post-pandemic recovery fizzled out sooner than expected.
Retail sales, an indicator of consumer demand, rose 5.5% in September from the same period in 2022. Industrial output, which measures activity in the manufacturing, mining and utilities sectors, rose 4.5% in September compared to the same month a year earlier — a rate of growth similar to last month’s.
(With inputs from AP)
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