Third-quarter GDP data grows 4.9%, missing expectations
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View from the air of coal being taken off a cargo vessel at Lianyungang port. This was Oct. 14, 2021, in Lianyungang Province of China.
Getty Images| Visual China Group | Getty Images
BEIJING — China’s third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September.
Monday’s National Bureau of Statistics report showed that the gross domestic product rose 4.9% from last year. Analysts polled for Reuters said that this was below the 5.2% growth expected.
The industrial production increased by 3.1% in September, which was below the expected 4.5% by Reuters.
Retail sales rose 4.4% from last year to beat all expectations. According to Reuters, 3.3% growth was expected.
Investment in fixed assets for the first three quarters was lower than expected. It rose 7.3% from last year, compared with the anticipated 7.9%.
Urban unemployment was at 4.9% in September. For those between 16 and 24, however, the rate was 14.6%.
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