China’s Gross domestic product (GDP) grew 4.9% in third quarter, as per official data released by Chinese National Bureau of Statistics on Monday.
Releasing the data in Beijing on Monday, Chinese National Bureau Spokeswoman Liu Aihua, said that the world’s second-largest economy grew 0.7% in the first nine months from a year earlier. However, she said that economy is still in the process of recovery.
Experts believe that China has shown some signs of recovery from a record slump caused by COVID-19 in the first months of the year 2020 but it is less than expected. This growth is driven by a rebound in exports but impact of COVID-19 elsewhere in the world may impact Chinese economy.
The return of lockdowns in Europe and another wave of coronavirus infections in some countries will hurt consumer spending and may impact China’s economy negatively.
The services sector, which already accounts for over 50% in GDP, has shown a bit slow recovery. But, retail sales and exports have shown a rebound.
Exports and property-related sectors are faring quite well, while consumption lags a bit.
Growth in the industrial output has rebounded, mostly due to recovery in exports.