As a result of the real estate and energy crises, China’s GDP growth is slowing.
It’s a big drop from the 7.9% growth seen in the second quarter of this year, and it’s even lower than the 18.3% growth shown in January-March.
The small expansion falls short of the consensus prediction of 5% in a Reuters poll of economists. In September, industrial production increased by 3.1 percent, falling short of the 4.5 percent forecast by Reuters. According to reports, retail sales increased by 4.4 percent in September compared to the same month last year.
“Since the third quarter, local and international risks and challenges have intensified,” Fu Linghui, a bureau spokesperson, told media, emphasizing the importance of the country’s economic recovery.