China GDP growth slows to 4.9% but beats expectations

The news: China's economy slowed in the last quarter, but GDP growth, retail spending, unemployment and production all beat expectations in data released today.

The numbers: China's GDP growth for the September quarter came in at 4.9%, still down from the June quarter's 6.3% but better than analysts' 4.5% forecast. Retail sales were up almost a percentage point to 5.5% year on year while the unemployment rate eased from 5.2% to 5.0%. Industrial production held steady at 4.5% in the September quarter, edging out expectations of a 0.1% decline.

The context: China's economy has been struggling under weak global and domestic demand, a liquidity crisis in its property sector and a lumbering recovery from the COVID-19 pandemic. Improvements in year-on-year figures should be noted alongside the rolling lockdowns and restrictions that were still in effect during last year's corresponding period.

What they said: "We should be aware that the external environment is becoming more complex and grave while the domestic demand remains insufficient and the foundation for economic recovery and growth needs to be further consolidated," China's National Bureau of Statistics said in a release.