China’s GDP slowed to 6% in third quarter of the year
The National Statistical Office of China stressed the internal growth descended to levels not seen since 1992
The Gross Domestic Product (GDP) of China, the second largest world economy, slowed in the third quarter of the year to 6%, which represents the slower rate of expansion of the Asian giant since 1992 and one tenth below the 6.1% forecast of the market consensus in the midst of the trade war with the United States, according to the National Statistics Office of China.
“We must be aware that, given the complicated and severe economic conditions both in the country and abroad, the slowdown in global economic growth and the increase in external instability and uncertainty, the economy is under increasing downward pressure”, the Chinese statistical office warned.
In the second quarter of the year, the Chinese economy had grown at a rate of 6.2% and 6.4% in the first three months of 2019. Thus, in the first nine months of 2019, China’s GDP reached 69.78 billion yuan, with an average growth of 6.2%.
The Chinese Government manages a growth forecast between 6% and 6.5% for 2019, under the 6.5% target set for last year.
“This result basically reflects the slowdown in investment in the manufacturing sector, a clear effect of trade tensions with the US and the uncertainty that it still represents for the coming months”, said Monex Europe analyst Olivia Álvarez.
Between January and September, the Chinese primary sector grew 2.9% and reached 4.3 billion yuan, while the industry expanded 5.6%, to 27.78 billion yuan and services reached 37,69 billion yuan, up to 7%.
With respect to the next quarter, Álvarez has warned that the markets “may be putting too much expectations in the monetary and fiscal support that the government has launched to stimulate investors.”
K. Tovar
Source: dpa
