China’s GDP grew by 4.9% in the third quarter – Kommersant
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Chinese GDP grew by 4.9% compared to the third quarter of 2022, follows from report National Bureau of Statistics of the People’s Republic of China. China’s economy grew faster than analysts expected in the third quarter. The median forecast of experts surveyed by Refinitiv was 4.6%.
The growth of the Chinese economy has accelerated noticeably compared to the second quarter. China’s GDP grew 1.3% in the July-September period, while the April-June quarterly growth estimate was lowered to 0.5%. At the end of nine months of 2023, the country’s GDP reached 91.3 trillion yuan ($12.7 trillion), which is 5.2% higher than the figure for the same period in 2022.
Despite the noticeable acceleration in GDP growth, problems in the Chinese economy remain. The real estate sector, one of the key sectors for the Chinese economy, is still experiencing a protracted crisis. Thus, state investment in real estate at the end of the quarter fell by 9.1% year on year, and the total area of commercial real estate sold during this period decreased by 7.5%.
Economic growth is primarily ensured by serious government investments in infrastructure projects and social facilities, for which government-controlled banks are providing more and more loans to local authorities. In the first eight months, the amount borrowed by local authorities was up 4.2% from last year and up 59% from 2019.
About expectations of a slowdown in the global economy due to lower growth rates in China – in the Kommersant material “Slow and bumpy”.
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