Both the gross domestic product and industrial production rates were recorded below forecasts.
China’s third-quarter gross domestic product grew by only 4.9% compared with the previous year’s result, the National Bureau of Statistics announced on Monday.
Economists questioned by Reuters predicted a 5.2% increase in the period, while those of The Wall Street Journal believed in a 5.1% growth.
It is also considerably smaller than the 7.9% growth rate recorded in the second quarter of 2021.
At this period of time, the country’s industrial production grew by 3.1% with 4.5% expected by Reuters.
Overall this is considered to be the slowest year-over-year growth rate since 1990.
The slowdown can be explained by power shortages and supply-chain problems. Apart from these aspects, China has also
The Bureau of Statistics spokesman Fu Linghui stressed that China still managed to keep its economic recovery despite conducting structural adjustments in its interior policy. However, he admitted that the country faced risks in its external environment.
Regardless of these disappointing results, many economists predict that the PRC will achieve its annual GDP growth target of 6%.
The PRC is the only major economy in the world to see an increase during the 2020 pandemic.