China's third-quarter GDP grows 4.9% year-on-year, misses expectations

FILE PHOTO: A crane is seen at a construction site in Beijing, following an outbreak of the novel coronavirus disease (COVID-19), China April 17, 2020. REUTERS/Carlos Garcia Rawlins

BEIJING (Reuters) – China’s economic recovery disappointed in the third-quarter, growing 4.9% from a year earlier and missing analyst expectations, data from the National Bureau of Statistics showed on Monday.

The growth was slower than the 5.2% forecast by analysts in a Reuters poll, and followed 3.2% growth in the second quarter.

The economy grew 0.7% in the first nine months from a year earlier, the data showed.

The world’s second-largest economy has been steadily recovering from decades-low growth seen in the first months of the year caused by the coronavirus shock.

The government has rolled out a raft of measures, including more fiscal spending, tax relief and cuts in lending rates and banks’ reserve requirements to revive the coronavirus-hit economy and support employment.

On a quarter-on-quarter basis, GDP rose 2.7% in July-September, the bureau said, compared with expectations for a 3.2% rise and an 11.5% rise in the previous quarter.

Source: Read Full Article