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China’s Economic Growth Slows Further
China says its gross domestic product expanded by 6% in the third quarter, the slowest pace since the current measure of GDP was adopted 27 years ago.
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China says its gross domestic product expanded by 6% in the third quarter, the slowest pace since the current measure of GDP was adopted 27 years ago.
The country’s Statistics Bureau reported annualized economic growth of 6.4% in the first quarter and 6.2% in the second quarter. Last year, China’s economy expanded by 6.6%.
The central government has been trying to manage a slowdown in economic growth from the double-digit increases typical in the previous decade to a more sustainable pace more strongly based on consumer spending than exports. But analysts say the U.S.-China trade war and consumer caution are making the job more difficult.
China’s economic planners predict full-year growth in GDP will be between 6% and 6.5% The Statistics Bureau says industrial output and retail sales last month rose about 6% and 8%, respectively. Both rates beat August’s results.
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