China's economy grew in third quarter slower than was expected

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China's economy grew in third quarter slower than was expected

October 19, 2018 - 11:12
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Growth pace for Chinese economy was slower than expected in the third quarter, Bloomberg reports. Gross domestic product increased by 6,5% in last three months compared with previous year. Besides, this is the lowest growth since 2009.

Tiananmen Square, Beijing, China | © Tangting, CC0 1.0

Growth pace for Chinese economy was slower than expected in the third quarter, Bloomberg reports.

Gross domestic product increased by 6,5% in last three months compared with previous year. This is lower than 6,6% showed by Bloomberg's survey, as well as 6,7% demonstrated last quarter. Besides, this is the lowest growth since 2009.

Country's economy faced a whole row of problems this year, including worsening trate relations, as well as stock market slump. These problems made the government to take steps for supporting the economy, however, those have not showed results yet.

Meanwhile, experts think that China's economic development is still quite high.

Industrial output grew by 5,8%, which is lower than estimated 6%. Retail sales growth was higher than forecasted 9% and reached 9,2%. However, car sales fell by 7,1%. Unemployment level was at 4,9%.

Investments into production increased by 8,7% during nine months of this year. However, growth of investments into infrastructure slowed down to 3,3%.