China GDP disappoints, third-quarter growth slows to 4.9%

China GDP disappoints, third-quarter growth slows to 4.9%

October 18, 2021
  • Gross domestic product grew 4.9% in the third quarter from a year ago, the National Bureau of Statistics said Monday. That missed expectations for a 5.2% expansion, according to analysts polled by Reuters.
  • However, retail sales beat expectations, rising 4.4% in September from a year ago. The Reuters poll predicted 3.3% growth.

BEIJING — China's third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September.

The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. That missed expectations for a 5.2% expansion, according to analysts polled by Reuters.

Industrial production rose by 3.1% in September, below the 4.5% expected by Reuters. 

However, retail sales beat expectations, rising 4.4% in September from a year ago. The Reuters poll predicted 3.3% growth.

Fixed asset investment for the first three quarters of the year came in weaker than expected, up 7.3% from a year ago versus the expected 7.9% figure.

The urban unemployment rate in September was 4.9%. However, that for those aged 16 to 24 remained far higher, at 14.6%.

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Ten major banks tracked by CNBC have trimmed their full year China GDP forecasts as power shortages and efforts to rein in debt-fueled expansion in the real estate sector add to many other pressures on growth, such as sluggish consumer spending.

— CNBC's Yen Nee Lee contributed to this report.

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