China's 3rd quarter GDP growth beats estimates

By Tuba Sahin

ANKARA (AA) – China’s economy grew more than expected in the third quarter of the year, with its gross domestic product up 3.9% on an annual basis, according to official data released on Monday.

The performance of the world’s second-largest economy exceeded market forecasts of 3.4% growth due to government steps for “effective COVID-19 containment, economic stability and development security,” the National Bureau of Statistics of China said in a statement.

The figure accelerated from a 0.4% year-on-year increase in the second quarter.

On a quarterly basis, the Chinese economy grew 3.9% in July-September versus a 2.7% contraction in April-June.

The data was released almost a week later than initially scheduled due to the Communist Party Congress.

Meanwhile, separate data showed that China’s industrial output rose at the fastest pace in seven months in September, up 6.3% compared to a year ago. The market consensus was a 4.5% rise for the month.

China’s surveyed urban unemployment climbed to 5.5% in September, up from 5.3% in August, due to a resurgence of coronavirus cases in some cities.

Retail sales increased 2.5% year-on-year in September, well below August’s figure of 5.4% and market expectations of 3.3%.

Chinese exports unexpectedly grew 5.7% on annual basis in September, while imports ticked up 0.3%, sending the country’s trade surplus soaring to $84.7 billion last month.​​​​​​​