Chinese economy slowed in Q3
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The Chinese economy grew by 4.9% in the third quarter of 2023 in annual terms, according to data from the State Statistics Administration (SSA) of the People’s Republic of China. This is higher than market expectations (according to consensus analyst forecasts, growth should have been 4.4–4.5%), but lower than 6.3% recorded in April–June. In January–September, GDP increased by 5.2% compared to the same period last year. In general, by the end of 2023, the authorities expect growth of 5%.
The department also notes a 4.5% increase in industrial production in September compared to August. The industrial entrepreneurial activity index PMI in September amounted to 50.2%, 0.5 percentage points higher than last month, indicate the State Statistics Service. In the first three quarters of this year, total industrial production increased by 4%. Consumption in China is also gaining momentum. In September, retail sales increased by 5.5% in annual terms – 0.9 percentage points more than in August. In the first three quarters, sales increased 6.8%.
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