MADRID, 18 Oct. (EUROPA PRESS) –
China’s gross domestic product (GDP) registered an expansion of 1.3% in the third quarter of the year compared to the previous three months, when the expansion was 0.5%, according to the data revised downwards from 0 .8% initially announced, the National Statistics Office (ONE) reported this Wednesday.
“The national economy maintained the recovery momentum with the accumulation of positive factors, as production and supply increased steadily, market demand continued to expand, employment and prices generally improved, and the quality of development steadily improved.” , highlighted the Chinese Statistical Institute.
However, in the year-on-year comparison, between July and September, China’s economy grew by 4.9% compared to the third quarter of 2022, which represents a lower expansion rate than the 6.3% in the second quarter.
Thus, in the first nine months of the year, Chinese GDP increased by 5.2% compared to the same period in 2022, including an expansion of 4% in the primary sector and 4.4% in industry, while that the services sector grew by 6%.
“The economy has clearly turned a corner thanks to political support. And we anticipate a greater recovery in the coming quarters,” said Julian Evans-Pritchard, senior China economist at consultancy Capital Economics.
In the latest edition of its ‘World Economic Outlook’ report, the International Monetary Fund (IMF) anticipated an expansion of China’s GDP of 5% in 2023 and 4.2% in 2024, which represents a cut of two and three tenths, respectively, in relation to their previous projections.
