China’s GDP grew 4.9% year-on-year in the third quarter (July to September 2020) compared to a year ago, according to government statistics released Monday.
The third-quarter growth was at a higher rate compared to 3.2% growth the previous quarter, as the world’s second-largest economy managed to avoid the pandemic-fueled recession that has gripped much of the globe.
As the world continues to struggle with the virus which originated from China in 2019, China’s recovery has been relatively speedy.
Despite recording higher in the third quarter, the growth was also a bit weaker than expected: Analysts polled by Refinitiv predicted that China’s economy would expand 5.2%. Similarly, a 5.4% growth was expected in a Caixin survey of economists.
According to Monday’s data, China’s GDP grew a cumulative 0.7% year-on-year in the first nine months of the year 2020, back in positive territory after being dragged down by a 6.8% contraction in the first quarter at the height of China’s Covid-19 outbreak.
“The Chinese economy remains resilient with great potential. Continued recovery is anticipated, which will benefit the global recovery,” said Yi Gang, the governor of the People’s Bank of China, on Sunday during an online seminar hosted by the Washington-based Group of Thirty. He said he expects China’s economy to grow around 2% this year.
By; Ifunanya Ikueze