China grows faster than expected

The Chinese economy grew faster than expected in the third quarter compared to the same period last year. This suggests that the recent recovery may provide enough momentum for Beijing to reach its full-year growth target.

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According to data released by China's National Bureau of Statistics, gross domestic product (GDP) increased by 4.9 percent in the July-September period compared to the same period last year. Economists had expected growth to slow to 4.4 percent in the third quarter from 6.3 percent in the second quarter.

In the third quarter, GDP grew by 1.3 percent compared to the previous quarter. The expectation was that growth would remain at 1.0 percent. The government had set its 2023 growth target at approximately 5.0 percent.

In a statement, the National Bureau of Statistics said that if China's fourth-quarter annual GDP growth exceeds 4.4 percent, the full-year GDP target of around 5 percent could be achieved.

Retail sales increased in September, urban unemployment at its lowest level in nearly two years

According to data from the Chinese government, while China's retail sales rose in September, the urban unemployment rate fell to its lowest level in nearly two years.

According to economists, retail sales increased by 5.5 percent last month, against an estimated increase of 4.9 percent.

Urban unemployment fell from 5.2 percent in August to 5 percent in September, the lowest level since November 2021.

News Source: 12punto