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China growth slides to 4.9% in third quarter
China's economic growth weakened more than expected in the third quarter as the property sector struggled with tighter policy measures and an energy crisis loomed.
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Cranes made by Chinese heavy equipment manufacturing company Sany are seen at a factory in Beijing on Oct. 15, 2021. China's economic growth weakened more than expected in the third quarter (AFP/Jade Gao )
C
hina's economic growth tumbled more than expected in the third quarter, official data showed Monday, as the property sector struggled with tighter policy measures and an energy crisis loomed.
After a swift coronavirus bounce back, recovery in the world's second biggest economy is losing steam, with gross domestic product growth coming in at 4.9 percent on-year, said the National Bureau of Statistics (NBS), citing an "unstable and uneven" domestic rebound.
The latest figure disappointed expectations of 5.0 percent growth predicted by analysts polled by AFP, and was a sharp three percentage points down from the 7.9 percent expansion in the April to June period.
"We must note that current international environment uncertainties are mounting and the domestic economic recovery is still unstable and uneven," said the NBS in a statement on Monday.
Industrial production growth slowed further to 3.1 percent on-year in September.
Economists believe China's growth slowdown likely stemmed from policy tightening this year in key areas including the property sector and a drive to cut emissions.
But retail sales picked up to 4.4 percent -- markedly improving from 2.5 percent in August -- with fewer virus containment measures in the country, which has imposed swift local lockdowns over a handful of cases.
The urban unemployment rate was 4.9 percent last month.
