China’s National Bureau of Statistics released latest financial data on Friday, showing that the country’s Gross Domestic Product (GDP) grew by 4.6% year-on-year in the September quarter, the lowest growth in the past six quarters.
According to the Bureau, GDP for the first three quarters of this year was RMB94.97 trillion (US$13.3 trillion), up 4.8% year-on-year increase in constant prices, while actual GDP grew by 4.6%. Although growth slowed, it beat market expectation of a 4.5% increase.
China’s GDP grew at annualised rates of 5.3% and 4.7% in the first and second quarters of 2024.
Earlier this year, China projected GDP growth of 5% for FY24, but due to the continued slowdown in domestic economic growth and the continued decline in the real estate business, the market has recently forecast that GDP growth will more likely be in the range of 4.5% to 4.7%.
Separately, the Bureau also released data on the “Three-horse carriage”, namely Consumption, Exports and Investment.
In September, total retail sales of consumer goods amounted to RMB4.11 trillion (US$577.1 billion), up 3.2% year-on-year and an increase of about 1.1 percentage points from August. Exports in September increased by 5.4% year-on-year, which was better than the market estimate of 5% and was the highest since May’s 5.6% growth.
Investments in the first three quarters rose by 3.4% to RMB37.90 trillion (US$5.32 trillion), also higher than the market estimate of 3.3%.
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