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Monday, December 6, 2021

China’s economic growth rate was 4.9% in September quarter, growth was also at 3.2% in April-June quarter

Business data also indicates recovery, China’s exports in the September quarter rose 9.9% year-on-year and imports up 13.2%

According to NBS, China’s average growth rate in the first 9 months of this year was 0.7%, falling 6.8% in the January-March quarter due to the Coronavirus pandemic. China’s economy was the first in China’s economy in the March quarter to start quarterly GDP figures in 1992. I fell

China, the world’s second-largest economy, reported 4.9 percent growth in the July-September quarter of this year over the same period last year. This was stated in the National Bureau of Statistics (NBS) data on Monday. This growth, however, is lower than economists’ estimate of 5.2 per cent. China is now leading the global recovery with the latest growth rate.

China’s GDP fell by 6.8 per cent in the first quarter of this year (January-March) amid a fierce outbreak of the coronavirus pandemic and a nationwide lockdown imposed for its prevention. China’s economy recorded a decline in the March quarter of this year for the first time since it began recording quarterly GDP figures in 1992. However, China’s GDP again came under the boom and in the April-June quarter (second quarter) of this year, China had recorded economic growth of 3.2 percent.

Trade figures are also indicating recovery

Business data for the September quarter are also indicating a recovery. China’s exports rose 9.9 percent year-on-year and imports grew 13.2 percent in the September quarter. China’s average GDP growth rate has been around 9 percent in the last two decades, although China’s growth rate has been gradually decreasing in recent years.

Industrial production up 6.9% in September

According to NBS, China’s average growth rate in the first 9 months of this year was 0.7 percent. The growth rate in the September quarter was 2.7 percent compared to the June quarter. China’s industrial production also rose 6.9 percent in September and 3.3 percent in retail sales.

1.9% growth in full year

The International Monetary Fund (IMF) has estimated China’s annual growth rate to be 1.9 per cent in 2020. China is the only country in which growth is expected to be recorded this year.

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