Economic Buzz: Chinas Q3 GDP Grows By 3.9%

25 Oct 2022 , 09:01 AM

Chinas economic growth accelerated in the third quarter after the relaxation of Covid restrictions, but other economic indicators signaled a mixed picture, official data revealed Monday. Gross domestic product logged an annual growth of 3.9 percent in the third quarter, faster than the 0.4 percent expansion seen in the second quarter, the National Bureau of Statistics reported. Due to the low base of comparison, the quarterly growth also came in at 3.9 percent in the third quarter, again above the forecast of 3.5 percent. Driven by reduced lockdowns in ports, industrial production advanced at a faster pace of 6.3 percent annually in September, following a 4.2 percent gain in August. Meanwhile, the retail sales growth eased to 2.5 percent from 5.4 percent a month ago. Data published by the General Administration of Customs showed that exports rose 5.7 percent in September, after increasing 7.1 percent a month ago. On the other hand, growth in imports held steady at 0.3 percent. As a result, the trade surplus rose to $84.7 billion in September from $79.4 billion in August.Powered by Commodity Insights