China’s economy slowed in the third quarter of this year, thanks in part to a crisis in the nation’s debt-ridden property sector.
Figures released Wednesday by the government’s statistics bureau showed the world’s second-largest economy grew by 4.9% between July and September compared to the same period a year before. The rise was better than the 4.5% rate forecast by most analysts but far below the 6.3% growth in the previous three-month period.
The data also showed that China’s gross domestic product grew 1.3% during the third quarter, compared to 0.8% during the April-to-June period of this year.
The nation’s industrial output, which measures activity in manufacturing, mining and utilities, rose 4.5% in September compared to the same period in 2022, while retail sales grew 5.5% last month from the same period last year.
China’s post-pandemic recovery has not recovered as well as expected after authorities ended a “zero-COVID” policy late last year. The slow recovery has been aggravated by the possible default by real estate developer Country Garden on the interest of a $15 million loan.
Some information for this report came from The Associated Press, Reuters, Agence France-Presse.