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China says its economy grew 4.9% in the third quarter

A pump attendant wears a mask as he refuels a car at a Sinopec gas station where customers can buy supplies as the country is hit by an outbreak of the novel coronavirus, in Beijing, China, February 28, 2020.

Thomas Peter | Reuters

BEIJING — China’s economy recovered further from the coronavirus in the third quarter, according to data released Monday by the National Bureau of Statistics.

The world’s second-largest economy reported third-quarter GDP growth on the low end of expectations, up 4.9% from a year ago. That brings growth for the first three quarters of the year to 0.7% from a year ago.

Chinese economists expected GDP growth of 5.2% in the third quarter, according to an average of estimates compiled by Wind Information, a financial information database.

Retail sales rose 3.3% in September, for a 0.9% increase in the third quarter. For the first nine months of the year, retail sales contracted 7.2%.

Fixed asset investment rose 0.8% in the first three quarters of the year.

The official urban surveyed unemployment rate edged lower in September to 5.4%.

Industrial production rose 6.9% in September from a year ago, bringing total growth for the first nine months of the year to 1.2%.

Official figures showed China’s gross domestic product contracted 6.8% in the first three months of the year, when more than half the country shut down temporarily in an effort to limit the spread of the coronavirus.

GDP grew 3.2% in the second quarter.

The International Monetary Fund expects China will be the only major world economy to grow this year, at 1.9%.

This is a breaking news story. Please check back for updates.


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