China's Q3 GDP Rises 4.5% YoY, Surpassing Expectations
China's National Bureau of Statistics announced on October 19 that third-quarter GDP rose 4.5% year-on-year, exceeding the second-quarter figure of 4.3% and economists' expectations of 4.4%. Growth for the first three quarters was 4.6%, with a 1.2% quarter-on-quarter increase in the third quarter. Exports were the main driver, rising 36.3% year-on-year in September, while imports grew by 31%.
China's Q3 GDP Rises 4.5% Year-on-Year, Exceeding Expectations
The National Bureau of Statistics of China announced on October 19 that its third-quarter GDP grew by 4.5% year-on-year, surpassing the 4.3% growth in the second quarter and the 4.4% expected by economists. Growth for the first three quarters stood at 4.6%, with a 1.2% quarter-on-quarter increase in the third quarter.
Exports emerged as the primary driver, with September exports surging 36.3% year-on-year and imports rising 31%. The trade surplus for the first nine months reached $938 billion. Amid weak domestic demand, the Ministry of Finance approved a quota of 550 billion yuan for local government bonds to be directed toward infrastructure and emerging industries. This year's growth target is set between 4.5% and 5%.
Source: National Bureau of Statistics