China GDP expands at weakest pace in a year, in line with forecasts
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The news: China’s gross domestic product grew 4.8% in the September quarter, compared with the prior corresponding period. The result, which slowed from 5.2% in the June quarter, was in line with economists' forecasts.
The numbers: New figures released by China's National Bureau of Statistics showed that the country's economy expanded 5.2% over the first nine months of the year, putting it on track to hit its 2025 target of "around 5%" growth.
In the month of September, industrial output grew 6.5%, the highest since June. Retail sales expanded 3%, the lowest single-month uplift since November last year.
Meanwhile, residential property sales fell 7.6% during the first nine months of the year, with the country on track for a third straight year of declines.
The context: The new data comes as Chinese policymakers commence a four-day meeting to discuss the country's 15th five-year plan. High-tech manufacturing is expected to be high the priority list in the wake of the intensifying trade war with the US.
