(NBS) China’s economic growth averaged 4.9% in the third quarter from the prior year, less than the forecasted 5.2% expansion. On a quarter over quarter basis, growth was 0.2%, compared to 1.2% in the second quarter.
China’s slow pace of growth reflected a power crunch that hurt production, supply chain challenges, and under pressure property market.
The factory output grew at the slowest pace of 3.1% since March 2020 underlining the ongoing power crunch.
Retail sales expanded at 4.4% to offer some economic optimism, beating the expected 2.5% growth. The nationwide jobless rate eased from August’s 5.1% to 4.9% in September.
China’s 4.9% growth in the third quarter is a significant drop from an expansion of 18.3% posted in the first quarter.
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