China's Q3 GDP Up 4.8% Year-on-Year... Falls Short of '5%' Target
On October 20, China's National Bureau of Statistics announced that the country's gross domestic product (GDP) grew by 4.8% in the third quarter compared to the same period last year.
This figure represents a significant decrease from the previous quarter's 5.2%, but slightly exceeds the 4.7% forecast by analysts surveyed by Bloomberg. It matches the projection compiled by Reuters.
The Chinese authorities have set an annual GDP growth target of "around 5%." China's growth rate was 5.4% in the fourth quarter of last year, and 5.4% and 5.2% in the first and second quarters of this year, respectively, maintaining the 5% range for three consecutive quarters before dropping back into the 4% range.
The cumulative growth rate for the first to third quarters of this year stands at 5.2%.
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In September, retail sales (consumption) and industrial production increased by 3.0% and 6.5%, respectively, compared to the same period last year.
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