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