China says its economy grew 4.9% in the third quarter

China says its economy grew 4.9% in the third quarter

February 28, 2020 In Beijing, China, a pump attendant wears a mask while refueling a car at a Sinopec gas station where customers can purchase goods as the country is affected by the outbreak of the corona virus novel.

Thomas Peter | Reuters

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

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

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

“In general, the overall national economy has continued to recover steadily and significant results have been provided in integrating epidemic prevention and growth,” the Bureau said in an English-language publication. “However, we must be aware that the international environment is still complex and highly volatile and uncertain, and that we are under great pressure to prevent the spread of epidemics from abroad and to re-emerge domestically. The foundation for recovery and sustainable recovery must be integrated.”

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

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

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

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

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China’s GDP shrank by 6.8% in the first three months of the year, when more than half the country was temporarily shut down in an effort to curb the spread of the corona virus, official figures show.

GDP grew by 3.2% in the second quarter.

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

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