China's Q3 GDP grows 4.6%, slightly beating expectations
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The news: China's gross domestic product grew 4.6% in the third quarter, edging out average forecasts, Bloomberg reported.
The numbers: In a briefing by China's National Bureau of Statistics, deputy director Sheng Laiyun said that:
- China’s third-quarter GDP grew 4.6% year-on-year, slightly better than 4.5% estimated;
- September retail sales rose 3.2%, beating estimates of 2.5%;
- September industrial output increased 5.4%, above estimates of 4.6%; and
- Fixed-asset investment grew 3.4% in the January-to-September period from a year prior, above estimates of 3.3%.
The context: Though GDP growth beat forecasts, it marked a quarter-on-quarter slowdown. However, retail sales, industrial output and fixed-asset investment all picked up in September compared to August.
Sheng called China's economic performance "stable" and said figures have not seen many fluctuations. The surveyed jobless rate fell to a three-month low and has been hovering around this level since March last year.
Sheng also said the country’s economy has started to see positive changes in September, thanks to its series of new policy measures. He noted that while the stimulus policies had a positive impact on the stock market and property sector in September, more efforts are still needed to implement the measures.
The source: Bloomberg
