Sharjah24 – Reuters: China's economy grew at the slowest pace in a year in the third quarter, hurt by power shortages, supply bottlenecks and sporadic COVID-19 outbreaks and raising heat on policymakers amid rising jitters over the property sector.
Data released on Monday showed gross domestic product (GDP) grew 4.9% in July-September from a earlier, the weakest pace since the third quarter of 2020 and slowing from 7.9% in the second quarter.
That marked a further deceleration from the 18.3% expansion in the first quarter, when the year-on-year growth rate was heavily flattered by the very low comparison seen during the COVID-induced slump of early 2020.
A Reuters poll of analysts had expected GDP to rise 5.2% in the third quarter.
On a quarterly basis, growth eased to 0.2% in July-September from a downwardly revised 1.2% in the second quarter, the data showed.
The world's second-largest economy has rebounded from the pandemic but the recovery is losing steam, weighed by faltering factory activity, persistently soft consumption and a slowing property sector as policy curbs bite.
Global worries about a possible spillover of credit risk from China's property sector into the broader economy have also intensified as major developer China Evergrande Group wrestles with more than $300 billion of debt.
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