- The third-quarter data showed a 4.9 percent increase in China’s GDP, all figures correct
- The pace was up 3.2 percent in the third quarter, the economy fell by 6.8 percent due to lockdown.
Tremendous improvement in China’s GDP, the boom in the economy
China is constantly recovering from the economic turmoil caused by the Coronavirus epidemic. According to government data released on Monday, the July-September quarter saw a 4.9 percent increase in the world’s second-largest economy. However, this figure is weaker than the estimates that analysts had predicted in a poll conducted by Refinitive that China will grow with a growth rate of 5.2 per cent. Let us tell you that China’s second-quarter growth rate was seen at 3.2 percent.
Signs of improvement
According to Louis Kuiz, head of economics at Asia at Oxford Economics, there was a 3.2 per cent growth in the first two quarters in terms of year-over-year growth, indicating a strong investment following the COVID-19 outbreak and Economic recovery continues due to the strength in the industry driven by exports. At the same time, GDP growth was 5.3 per cent lower than year-on-year forecast, reflecting growth in infrastructure investment and softening of corporate investment and consumption.
Industrial production and retail sector boom
According to Chinese media reports, in other figures released on Monday by the National Bureau and Statistics, activity in industrial production, manufacturing, mining and utility sectors has shown a growth of 6.9 percent in September as compared to 5.6 in August a year ago. The percentage increase was seen. This increase has been seen more than the estimate of 5.8 per cent. In terms of retail sales, a key measure of consumer spending in the world’s most populous country has increased by 3.3 per cent, which has improved more than the 0.5 per cent increase in August. While the estimate was estimated at 1.7 percent.
Economy shrunk to 6.8%
According to the Chinese media, the world’s second-largest economy is recovering strongly after shrinking 6.8 percent. The first three months of the year were seen as the first official contraction since the end of the Cultural Revolution in 1976 – a lockdown aimed at stopping the Coronavirus epidemic. There has been a steady rise since then. Estimates are already being made by all the economic organizations that China’s development will look better than the rest of the world.