China says its economic system grew four.9% within the third quarter
A pump attendant wears a mask as he refuels a car at a Sinopec gas station where customers can purchase supplies as the country is hit by a novel coronavirus outbreak on Feb.28, 2020 in Beijing, China.
Thomas Peter | Reuters
BEIJING – China's economy continued to recover from the coronavirus in the third quarter. That is based on data released Monday by the National Bureau of Statistics.
The world's second largest economy posted GDP growth at the lower end of expectations in the third quarter, up 4.9% year over year. This means that growth in the first three quarters of the year is 0.7% compared to the previous year.
Chinese economists expected GDP growth of 5.2% in the third quarter. This comes from an average of the estimates made by Wind Information, a financial information database.
"In general, the economy as a whole has steadily recovered and significant results have been achieved in coordinating epidemic prevention and development," the office said in a press release. "However, we should also be aware that the international environment is still complex, severe, with significant instabilities and uncertainties. We are under great pressure to prevent epidemics from spreading abroad and resurrecting domestically Economy is still in the process of recovery and the basis for a sustainable recovery needs to be consolidated. "
Retail sales rose 3.3% in September, up 0.9% in the third quarter. In the first nine months of the year, retail sales fell 7.2%.
Fixed investment rose 0.8% in the first three quarters of the year.
The official urban unemployment rate fell to 5.4% in September.
Industrial production rose 6.9% yoy in September, bringing total growth to 1.2% in the first nine months of the year.
Official figures showed that China's gross domestic product contracted 6.8% in the first three months of the year as more than half of the country was temporarily closed to contain the spread of the coronavirus.
GDP grew by 3.2% in the second quarter.
The International Monetary Fund expects China to be the only big world economy growing this year at 1.9%.
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