China GDP growth slows in Q3

中, 3분기 GDP 전년比 4.9%↑…예상치 5.0%

China could not avoid a slowdown in its economic growth as it struggles with unfavorable factors like energy shortages and Evergrande's debt crisis.
Its GDP growth for the third quarter dropped below 5 percent mark,... even lower than what had been widely expected by pundits.
Kim Sung-min reports.
It's been largely expected.
China's economic growth slowed in the third quarter,... taking a hit from both internal and external factors.
According to China's National Bureau of Statistics on Monday,... the world's second largest economy expanded by 4-point-9 percent on-year in the past three months.
That's well down on the staggering 18-point-3 percent on-year jump in the first quarter and around 8 percent growth in the second quarter.
But such a drop is not surprising.
China has been suffering a downturn in the real-estate market amid Evergrande's debt crisis and has also seen nationwide power outages.
Surging prices of raw materials globally also added to the list of worries.
Based on these factors,... Reuters had forecast China's Q3 GDP to grow 5-point-2 percent,... and Bloomberg 5 percent.
Earlier,...global institutes also cut their 2021 economic forecast for the country.
Goldman Sachs has revised down its growth forecast... to seven-point-eight percent... from its previous eight-point-two... saying that the energy crisis poses "significant downside pressures" and affects 44 percent of China's industrial activity.
Although growth of over 8 percent within this year is becoming more of a distant goal,... Beijing remains calm that it could still achieve its official GDP goal of 6 percent.
Kim Sung-min, Arirang News

#China #Economy #economic_growth

2021-10-18, 12:00 (KST)