Shanghai (China) (EFE).- China’s gross domestic product (GDP) grew 0.9% quarter-on-quarter between July and September, according to official data released today by the National Statistics Office (ONE) of the Asian country.
This is slightly below the most widespread forecasts among analysts, who anticipated a rebound of 1% compared to the second quarter.
China’s growing GDP
In year-on-year terms, the world’s second largest economy advanced 4.6% in the third quarter, in this case exceeding the expectations of experts, who expected an increase of 4.5%.
In the second quarter, the Asian giant’s GDP had grown at a quarter-on-quarter rate of 0.7%, and 4.7% compared to the same period of the previous year.
People circulate through the central business district of Beijing (China). EF/MARK R. CRISTINO
And in the first quarter, the indicator had risen 1.6% compared to the last quarter of 2023 and 5.3% year-on-year.
In the accumulated amount of the first three quarters of 2024, the Chinese economy reached some 94.97 trillion yuan (13.34 trillion dollars, 12.31 trillion euros), according to preliminary estimates released today by the ONE.
By sectors, the primary grew 3.4% year-on-year between January and September; the secondary, 5.4%, and the tertiary, 4.7%.
The statistical institution spoke of “a stable growth trend” with “positive factors accumulating to promote economic recovery,” even despite a “complicated and serious external environment” and “new situations and new problems in national economic development.”
stable economy
“The national economy remained generally stable, with sustained progress, in the first three quarters, and the effects of the policies are manifested in the form of key indicators showing positive changes recently. However, (…) the foundations for a solid economic recovery and growth still need to be reinforced,” the document points out.
The data comes under an unflattering situation, which is why the Chinese authorities took the initiative a few weeks ago by announcing a series of stimulus measures with the aim of boosting consumption, curbing the real estate crisis and providing support to the country’s stock markets.
Low national and international demand, together with risks of deflation, insufficient stimuli, a real estate crisis that has not bottomed out or a lack of confidence among consumers and the private sector are some of the causes that analysts use to explain what is happening in the second largest world economy.
The Chinese economy grew by 5.2% in 2023 as a whole and the Asian country’s authorities once again set the growth target for this year “around 5%.”
Given the situation, Chinese President Xi Jinping has gone so far as to ask officials of the ruling Communist Party (CPC) to do “everything possible” to complete “good economic work in the fourth quarter of the year” to “achieve the objectives” of 2024.
