China's Q3 economic growth slows to 4.9%, misses expectations

·1 min read

BEIJING, Oct 18 (Reuters) - China's economy grew slower than expected in the third quarter, official data showed on Monday, as power outages and supply bottlenecks hurt factories while sporadic COVID-19 outbreaks weighed on consumption.

Gross domestic product (GDP) expanded 4.9% in the July-September quarter from a year earlier, the National Bureau of Statistics said, slowing from 7.9% in April-June and compared with expectations for a rise of 5.2% in a Reuters poll of economists.

That was the weakest reading since last year's third quarter, when GDP also grew 4.9%, and marked a further deceleration from a record 18.3% expansion in the first quarter.

On a quarterly basis, GDP expanded 0.2% in the July-Sept period, lagging expectations for a 0.5% rise in the Reuters poll and down from 1.3% in the second quarter.

The world's second-largest economy has staged an impressive rebound from the pandemic but the recovery is losing steam. Problems including faltering factory activity, persistently soft consumption and a slowing property sector have fanned speculation that policymakers may announce more stimulus measures in coming months. (Reporting by Gabriel Crossley; Editing by Sam Holmes)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting