China says its economic system grew 4.9% within the third quarter

A pump attendant wears a masks as he refuels a automotive at a Sinopec gasoline station the place prospects can purchase provides because the nation is hit by an outbreak of the novel coronavirus, in Beijing, China, February 28, 2020.

Thomas Peter | Reuters

BEIJING — China’s economic system recovered farther from the coronavirus within the third quarter, in keeping with information launched Monday by the National Bureau of Statistics.

The world’s second-largest economic system reported third-quarter GDP development on the low finish of expectations, up 4.9% from a 12 months in the past. That brings development for the primary three quarters of the 12 months to 0.7% from a 12 months in the past.

Chinese economists anticipated GDP development of 5.2% within the third quarter, in keeping with a mean of estimates compiled by Wind Information, a monetary data database.

“Generally talking, the general nationwide economic system continued the regular restoration and vital outcomes have been delivered in coordinating epidemic prevention and improvement,” the bureau stated in an English-language launch. “However, we also needs to bear in mind that the worldwide surroundings continues to be difficult and extreme with appreciable instabilities and uncertainties, and that we’re below nice stress of stopping epidemic transmissions from overseas and its resurgence at residence. The economic system continues to be within the technique of restoration and the inspiration for sustained restoration must be consolidated.”

Retail gross sales rose 3.3% in September, for a 0.9% improve within the third quarter. For the primary 9 months of the 12 months, retail gross sales contracted 7.2%.

Fixed asset funding rose 0.8% within the first three quarters of the 12 months.

The official city surveyed unemployment price edged decrease in September to five.4%.

Industrial manufacturing rose 6.9% in September from a 12 months in the past, bringing whole development for the primary 9 months of the 12 months to 1.2%.

Official figures confirmed China’s gross home product contracted 6.8% within the first three months of the 12 months, when greater than half the nation shut down quickly in an effort to restrict the unfold of the coronavirus.

GDP grew 3.2% within the second quarter.

The International Monetary Fund expects China would be the solely main world economic system to develop this 12 months, at 1.9%.

This is a breaking information story. Please examine again for updates.

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