China’s economy grew 5 percent in the third quarter
According to data from the National Bureau of Statistics (UIB), China’s Gross Domestic Product (GDP) reached $12.7 trillion in the period July-September 2023.
While GDP rose 1.3 percent in the three-month period compared to the second quarter and 4.9 percent compared to last year, growth in the first three quarters was 5.2 percent. hundred.
The Chinese economy recorded annual growth of 4.5 percent in the first quarter and 6.3 percent in the second quarter.
While economic data for September showed signs of recovery in production and consumption seen in August continuing, the current decline in real estate investments continued its negative impact on economic growth.
RECOVERY IN PRODUCTION AND CONSUMPTION
Industrial production, which calculates the output of industrial enterprises with an annual turnover of more than 20 million yuan (about 2.74 million U.S. dollars), increased by 4.5 percent annually in September, while maintaining the rate increase in August.
Retail sales, which are considered the measure of consumption, rose 5.5 percent annually in September, outpacing the 4.5 percent increase in August.
Although fixed capital investments, which include expenditures on infrastructure, real estate, machinery and equipment, increased 3.1 percent annually in nine months, they remained below the 3.2 percent increase at the end of eight months.
THE DECLINE IN REAL ESTATE INVESTMENTS CONTINUES
Although the fall in investments in the real estate sector continues, where debt problems are increasingly deeper, this situation has also caused all investments in fixed capital to fall.
While real estate investments declined 9.1 percent over nine months, they contracted faster than the 8.8 percent decline over eight months.
It has been observed that government policies to encourage the growth of the real estate sector and the private sector have not yet yielded results.
The overall unemployment rate, which was 5.2 percent in August, fell to 5 percent in September.
The youth unemployment rate, which has reached record levels in the past two years, was also not announced this month.
The Chinese government had determined growth of “around 5 percent” for this year at the National People’s Congress held in March. (REUTERS)