China GDP Growth Weakest Since 2009
The Chinese economy grew an annual 6.9 percent in the third quarter of 2015, slightly down from 7.0 percent in the previous quarter and the weakest since first quarter of 2009. The reading came above market expectations as strength in services and consumption offset weaker manufacturing and exports.
10/19/2015 3:44:53 PM
Services sector growth quickened to 8.4 percent in the first nine months of the year, while so-called secondary industry, which includes manufacturing, weakened to a 6 percent expansion. Also, fixed-asset investment expanison slowed to 10.3 percent, the weakest growth since 2000. Consumption accounted for 58.4 percent of China's GDP in the Jan-Sept period and capital formation for 43.4 percent while net exports trimmed 1.8 percent from the GDP.
In September, industrial production expanded by 5.7 percent year-on-year, slowing from 6.1 percent in August. Retail sales grew by 10.9 percent, slightly accelerating from 10.8 percent in the preceding month. From January to September 2015, fixed asset investment increased at a slower 10.3 percent, the weakest rise since 2000, following a 10.9 percent in the previous period. Property investment rose 2.6 percent in the first nine months, as compared with a 3.5 percent increase from January to August 2015.
On the other hand, exports shrank 3.7 percent year-on-year in September, following a 5.5 percent drop in the previous month. From January to September 2015, outbond shipments reported a 1.9 percent decline. Meanwhile, imports also declined by 20.4 percent in September, the 11th straight month of decline. Considering the first nine months, inbound shipments dropped by 15.3 percent.
On quarterly basis, the GDP expanded by 1.8 percent, the same pace as an upwardly revised figure in the second quarter.