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China's Q3 GDP slowed more-than-expected to 4.9% y/y from the 7.9% in Q2, underperforming the median forecast of 5.0% and falling back to the level a year ago, the National Bureau of Statistics said on Monday.
GDP rose 9.8% as of Q3 this year, while on a quarterly basis, GDP grew only 0.2%.
RETAIL SALES, INDUSTRIAL PRODUCTION
Retail sales rose 4.4% y/y in September, rebounding from August's over one-year low of 2.5%, outshining the 3.5% forecast. The measure grew 16.4% in the first three quarters, slowing from 18.1% in the Jan-August period. Industrial production slowed to 3.1% y/y in September to register the lowest level since March 2020, down from the 5.3% gain in August, lower than the 3.9% prediction. The figure rose 11.8% as of Q3 this year, slower than 13.1% in Jan-Aug.
Fixed-asset investment rose 7.3% y/y in the first nine months, down from 8.9% in Jan-Aug, also weaker than the 7.9% forecast. Manufacturing investment rose 14.8% in this period, compared to 15.7% y/y in Jan-Aug. Infrastructure and property investment growth both slowed to 1.5% and 8.8% y/y from the previous 2.9% and 10.9%, respectively.
The surveyed urban unemployment rate was 4.9% in September, dropped by 0.2 percentage point from the previous month.