China Q3 GDP Beats Market Estimates Amid Pickup In Consumption

Economy expanded 4.9% in the three months ended in September as government moved to support private sector and sagging housing market

China’s GDP grew 4.9% year-on-year in the third quarter, beating market expectations as consumption picked up and industrial production stabilized amid government measures to support growth.

The figure exceeds the average estimate of 4.5% in a recent Caixin survey of economists. It is lower than the 6.3% growth in the second quarter, but the latter can be partly attributed to a low base in the same period in 2022.

On a quarter-on-quarter basis, GDP grew 1.3% in the three months ended in September, faster than the 0.5% pace in the second quarter.

“The tides are slowly turning on China’s shaky recovery,” wrote Harry Murphy Cruise, an economist at Moody’s Analytics Inc. “Supported by a flurry of stimulus measures, households and businesses gradually upped their spending through the September quarter.”