China’s GDP growth slows to 4.9 pc in third quarter


October 18, 2021


China’s GDP growth slows to 4.9 pc in third quarter

A man rides a bicycle next to a construction site near residential buildings in Beijing, China, (File Photo/Reuters)

BEIJING:  China’s third-quarter gross domestic product (GDP) expanded at a dismal 4.9 percent amid slow industrial activity in the month of September.

The Chinese National Bureau of Statistics (NBS) said on Monday that GDP grew 4.9 per cent in the quarter than a year ago, Xinhua reported. This was below what analysts have predicted.

In the median survey, the Bloomberg analysts had predicted 5 per cent growth between the month of July and September.

The urban unemployment rate in September was 4.9 percent. However, that for those aged 16 to 24 remained far higher, at 14.6 percent. Meanwhile, for the first three-quarters of 2021, the GDP of the country grew 9.8 percent.

“According to preliminary estimates, China’s GDP for the first three quarters of 2021 amounted to 82.313 trillion yuan ($12.8 trillion), an increase of 9.8 percent in annual terms,” the NBS said.

The Chinese government expects overall GDP growth of over 6 percent in 2021. In the first half of this year, the GDP increased by 12.7 percent (growing 18.3 percent year-on-year in the first quarter and 7.9 per cent in the second quarter). In 2019, the Chinese economy grew 6 percent.

Last year, the growth slowed down to 2.3 per cent amid the coronavirus pandemic, which was the worst performance in 40 years. (ANI)