BEIJING – China’s gross domestic product rose by 6 percent year-on-year in the third quarter of 2019, the worst quarterly figures since March 1992 (when official records for quarterly growth started being published), the Asian giant’s National Bureau of Statistics announced Friday.
Growth slowed down from the 6.4 percent and 6.2 percent posted in the first two quarters of the year, respectively, more or less in line with the expectations of analysts, who had predicted a deceleration of 6.1 percent for this period.
The figures confirm that China’s economy, despite still growing at a high rate, is in the process of slowing down owing to the effects of the trade war with the United States and other factors such as a lower domestic demand due to measures to reduce debt.
During the first three quarters of 2019, China’s GDP posted a growth of 6.2 percent with respect to the same period of the previous year to stand at 69.78 trillion yuan (around $9.86 trillion).
Although the data is in line with the government’s annual GDP target of 6-6.5 percent for 2019, it is still lower than the 6.5 percent growth the economy recorded in the first three quarters of last year.
Industrial production also increased by 5.6 percent year-on-year in the first three quarters of 2019, 0.8 percent lower than in the same period of the previous year.
The NBS also released other economic data on Friday, including retail sales, which rose 8.2 percent year-on-year in the first three quarters of 2019, a significant decline from the 9.3-percent growth recorded in the first three quarters of 2018.
Investment in fixed assets increased 5.4 percent year-on-year between January and September, unchanged from that registered during the same period last year.
Investment in the real estate sector increased 10.5 percent between January and September, more than the 9.9 percent recorded in the first nine months of 2018.
Earlier this week, the NBS released data on the country’s consumer price index, the most widely-used measure of inflation, which grew 3 percent year-on-year, as well as on China’s foreign trade, which increased 2.8 percent interannually in the first three quarters of 2019.