China’s Q3 economic growth slows to 4.9%, slightly below expectations

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China’s economic growth in the third quarter slowed to 4.9 percent in the year, data (link in Chinese) from the National Statistics Bureau (NBS) showed on Monday, a little below expectations.

The expansion of gross domestic product (GDP) in the July-September quarter receded from 7.9 percent in the second quarter, and compared with 5.2 percent expected by Reuters.

That was the slowest step since the third quarter of last year, when GDP also grew by 4.9 percent. It also marks a further slowdown from the 18.3 percent jump in the first quarter.

In the first three quarters, the country’s GDP grew 9.8 percent compared to the previous year, with an average of two-year growth of 5.2 percent, according to NBS data.

By the industry, in the first three quarters, added value from the primary sector saw a growth of 7.4 percent year-on-year, with a two-year growth of an average of 4.8 percent; The secondary industry grew 10.6 percent year, with an average growth of two years 5.7 percent; And the tertiary sector shows a 9.5 percent year-to-year increase, with an average of two years of 4.9 percent.

In the first nine months, the added value of industrial companies above the designated size grew by 11.8 percent year-on-year, or an average of two years 6.4 percent.

The total retail sales for the first three quarters grew 16.4 percent year-on-year, with an average growth of two years 3.9 percent.

In the January-September period, investment in assets rose 7.3 percent over last year, with an average growth of two years 3.8 percent.

In the first three quarters, the total value of import and export goods increased by 22.7 percent year-on-year, with an export value up 22.7 percent and imported up 22.6 percent.