A pump worker wears a mask while refueling at a gas station in Sinopek, where customers can buy supplies as the country is affected by the outbreak of the new coronavirus in Beijing, China, February 28, 2020.
Thomas Peter Reuters
BEIJING – China’s economy has recovered further from the coronavirus in the third quarter, according to data released Monday by the National Bureau of Statistics.
The second largest economy in the world reported GDP growth for the third quarter at the low end of expectations, which is 4.9% more than a year ago. This leads to growth for the first three quarters of the year to 0.7% from a year ago.
Chinese economists expect GDP growth of 5.2% in the third quarter, according to an average estimate compiled by Wind Information, a financial information database.
“Generally speaking, the overall national economy has continued to recover steadily and significant results have been achieved in coordinating the prevention and development of epidemics,”
Retail sales rose 3.3% in September, up 0.9% in the third quarter. For the first nine months of the year, retail sales shrank by 7.2%.
Investments in fixed assets increased by 0.8% in the first three quarters of the year.
The official unemployment rate in cities fell to 5.4% in September.
Industrial production increased by 6.9% in September compared to the previous year, with total growth for the first nine months of the year being 1.2%.
Official figures show that China’s gross domestic product shrank by 6.8% in the first three months of the year, when more than half of the country stopped temporarily in an attempt to curb the spread of the coronavirus.
GDP grew by 3.2% in the second quarter.
The International Monetary Fund expects China to be the only major world economy to grow this year, at 1.9 percent.
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