China's Q3 GDP Up 3.9% YoY, Exceeding Expectations (Update)

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] China's Gross Domestic Product (GDP) for the third quarter of this year increased by 3.9% year-on-year, surpassing expectations.

On the 24th, the National Bureau of Statistics of China announced that the GDP for the third quarter of this year rose 3.9% year-on-year, and the cumulative growth from the first to the third quarter was 3.0% for the same period.

The third-quarter GDP figures, originally scheduled to be released on the 18th, were suddenly postponed a day before the scheduled date without any explanation. The market judged that the third-quarter performance likely fell significantly short of expectations, and thus the data could not be released during the 20th National Congress of the Communist Party of China, the country's largest political event, leading to the delay.

Major analysts had forecasted China's third-quarter GDP growth rate at 3.4%. In the second quarter, China's growth rate was recorded at 0.4%.

Although the actual figure exceeded expert forecasts, China's cumulative economic growth rate still falls significantly short of the annual target of 5.5%. Earlier, some investment banks had lowered their annual growth rate forecasts to 3% due to the economic slowdown caused by China's zero-COVID policy.

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