China’s third-quarter GDP rose 3.9%, beating expectations

Shipping containers are stacked at the port of Zhangjiagang on October 21, 2022.

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BEIJING – China’s third-quarter gross domestic product grew 3.9% from a year ago, it said on Monday.

The data was originally released on October 18, but was delayed on October 17 without any explanation. The Communist Party of China held its 20th National Congress from October 16 to October 22.

Analysts polled by Reuters before Oct. 18 expected GDP growth to be 3.4% in the third quarter.

The 3.9% annual growth officially announced in the third quarter brought growth to 3% from 0.4% in the second quarter.

That is still below the official target of 5.5%.

Covid restrictions on business activity, particularly in the second quarter of the year, have weighed on growth and prompted several investment banks to cut their full-year forecasts to around 3%.

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Retail sales rose 2.5% in September, according to a Reuters poll.

The urban unemployment rate stood at 5.5% in September. 16 to 24-year-olds accounted for the highest figure at 17.9%.

Industrial production rose 6.3%, beating the 4.5% increase expected by Reuters.

Fixed asset investment rose 5.9% in the first three quarters of the year, below Reuters’ forecast of 6%.

Investment in real estate fell 8% during that time, more than the 7.4% year-over-year decline reported in the first eight months of the year.

Year-to-date investment in infrastructure increased to 8.6% year-on-year growth in September from 8.3% in August. Production was at the same pace.

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