China GDP: The bad condition of China’s GDP, the growth rate decreased to 4.9 percent in the September quarter
China GDP: China’s economy has suffered a severe setback this quarter. Due to the new wave of Corona and the decline in the supply chain, the country’s economy has suffered a lot in the September quarter. In the July-September quarter, the country’s economic growth rate (China GDP growth rate) has been only 4.9 percent. At the same time, the growth rate in the April-June quarter was 7.9 percent. Let us tell you that this is the lowest growth rate since September 2020.
China is at the fore of the countries recovering from the epidemic
Let us tell you that China is one of the first countries to recover from the effects of the epidemic. China’s economy has grown rapidly in the first few months of the current financial year, but the pace of China’s economy has slowed down due to the power crisis, a collapse in the property market and weak consumer demand.
China is the second largest economy in the world
China is included in the second largest economy in the world. The growth rate of the economy has been 4.9 percent in the quarter ended September. At the same time, in the last quarter, the country’s GDP has been at the rate of 18.3 percent. Information about this has been received from the government data released on Monday.
Learn what Fu Linghui said
Apart from this, while releasing the third quarter figures, National Bureau of Statistics spokesman Fu Linghui said that in the first three quarters of the current year, the share of consumption in China’s economic growth rate has been 64.8 percent. “The current uncertainties are increasing at the international level and the revival of the domestic economy is still unstable and unbalanced,” Fu said.
Production and sales remained weak in the third quarter
According to the data, total sales of consumer goods in the first three quarters were 31,800 billion yuan or $ 4,900 billion. At the same time, China’s industrial production grew by 11.8 percent in the first three quarters. Investments in factory production, retailing, construction and other activities weakened during the third quarter.
Effect of power cut also visible
Millions of people got employment in China’s construction sector. Apart from this, the growth of this sector has slowed down considerably. Last year, regulators tightened control over the sector after builders took on excessive debt as Evergrande, one of China’s largest conglomerates, is struggling to pay billions of dollars to bondholders. China’s manufacturing has also been affected in September due to power cuts.
How was the industrial output of the country?
If we talk about the other side of the economy, then in September, China’s industrial output grew at the rate of 3.1 percent on a yearly basis. If seen than expected, this figure is less. At the same time, in the month of August, industrial output was 5.3 percent. Apart from this, there was a growth of about 4.4 percent in retail sales, which stood at only 2.5 percent in the month of August.
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