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%.
Read more about China from CNBC Pro
Morningstar picks two stocks that are 'more sheltered' from China's tech scrutiny
UBS picks its top investment ideas for China — including 'high quality' property plays
Goldman picks China chip stocks to buy as tech rivalry with the U.S. grows
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.
This is breaking news. Please check back for updates.
Source: Read Full Article