Considering the first 9 months of the year, the economy advanced 5.2%. Last year, the GDP added 3% last year, missing official goal of about 5.5%.
In September alone, retail sales rose the most in 4 months, up for the 9th consecutive month; and industrial output growth stayed at its highest level since April.
In a separate data release on Wednesday, China’s retail sales climbed by 5.5% y/y in September 2023, accelerating from a 4.6% gain in the prior month and exceeding market estimates of 4.9%.
China’s industrial production growth was unchanged at 4.5% in September 2023, maintaining its highest reading since April and slightly exceeding market forecasts of 4.3% amid the recent rush of policy initiatives helping bolster economic rebound.
Fixed asset investment in the first nine months of the year slightly disappointed as property investment tumbled 9.1% in the January-September period.
“The national economy continued to recover, and high-quality development was solidly advanced, laying a solid foundation to attain the annual development goals,” China’s statistics bureau said in a statement.
“We must also note that the external environment is becoming more complex and severe, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated,” he added.
