China reports third-quarter GDP grew by 3.9% beating expectations
The data was originally set for release on Oct. 18, but was delayed late on Oct. 17 with no explanation.
Analysts polled by Reuters prior to Oct. 18 had expected China to report GDP growth of 3.4% for the third quarter.
The officially released 3.9% year-on-year growth for the third quarter marked a pickup from 0.4% in the second quarter, bringing year-to-date growth to 3%.
That’s still well below the official target of around 5.5%.
Covid controls on business activity, especially in the second quarter of the year, have weighed on growth and prompted many investment banks to slash their full-year forecasts to around 3%.
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Shipping containers sit in stacks at the Zhangjiagang Port on October 21, 2022.
BEIJING — China reported Monday that third-quarter gross domestic product grew by 3.9% from a year ago, beating expectations .
The data was originally set for release on Oct. 18, but was delayed late on Oct. 17 with no explanation. China’s Communist Party held its 20th National Congress from Oct. 16 to Oct. 22.
Analysts polled by Reuters prior to Oct. 18 had expected China to report GDP growth of 3.4% for the third quarter.
The officially released 3.9% year -on- year growth for the third quarter marked a pickup from 0.4% in the second quarter, bringing year -to-date growth to 3%.
That’s still well below the official target of around 5.5%.
Covid controls on business activity , especially in the second quarter of the year , have weighed on growth and prompted many investment banks to slash their full- year forecasts to around 3%.
