China's Economy Expands 4.9% in the Third Quarter

By Ryan Gandolfo, October 19, 2020

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With the coronavirus largely in the rear-view mirror in China, its gross domestic product (GDP) expanded 4.9% year-on-year in the third quarter of 2020, according to data from the National Bureau of Statistics.

The economy expanded faster than the second quarter, but fell short of expected growth of 5.2% in the third quarter, according to an average of estimates compiled by Wind Information, as cited by CNBC.

In the first three quarters, the PRC’s economy has grown 0.7% year-on-year, and shown a solid recovery since its 6.8% contraction in the first quarter.

READ MORE: China's GDP Contracts for First Time Since 1992

In a press release by the NBS on Monday, the bureau sounded optimistic about the overall national economy’s continued recovery and coordinated epidemic prevention and development, but warned about a resurgence from abroad. 

“We should also be aware that the international environment is still complicated and severe with considerable instabilities and uncertainties,” read the statement.

Total retail sales in September rose 3.3% year-on-year. However, retail sales are down 7.2% for the first three quarters of 2020.

The urban surveyed unemployment rate dropped slightly to 5.4% in September.

Earlier this month, Chinese health officials reported a cluster of coronavirus cases in the coastal city of Qingdao, prompting the testing of more than 10 million people in just four days.

The country has also started offering a coronavirus vaccine to the general public in the city of Yiwu. BBC reports that the vaccine has yet to complete clinical trials, and costs around RMB400.

[Cover image via Pixabay]

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