MNI BRIEF: China Q3 GDP Slows To 4.6%

China's economy grew by 4.6% y/y in Q3, 10 basis points lower than the market estimate, and slowing from Q2's 4.7%, while consumption and production rebounded more than expected amid restored sentiment, data released by the National Bureau of Statistics on Friday showed. 

GDP grew 0.9% q/q, less than the 1.1% q/q market expectation. 

Retail sales rose 3.2% y/y in September to hit a four-month high, accelerating from August's 2.1% gain and beating the 2.5% forecast. Retail sales grew 3.3% y/y in Jan-Sep, lower than the 3.4% in Jan-Aug. (See MNI: China Needs Over 5.1% Growth In Q4 To Meet Targets)

Industrial production increased 5.4% y/y in September to mark the highest reading in four months, rebounding from August's 4.5% growth and outperforming the expected 4.6%. Industrial output grew 5.8% in the first three quarters, unchanged from the previous 5.8%.

Fixed-asset investment registered at 3.4% y/y increase in the first nine months, unchanged from the reading over the Jan-Aug period and higher than the 3.3% consensus. Property investment fell by 10.1%, slightly narrowing from the previous 10.2% decline. Infrastructure investment and manufacturing investment grew by 4.1% and 9.2%, compared with the previous 4.4% and 9.1%.