China Q3 GDP growth slowest since Q1 2023

China’s economy has expanded at the slowest annual rate since Q1 2023 in the third quarter of 2024, the latest data by the National Bureau of Statistics of China showed.

China’s GDP grew 4.6% year-on-year in Q3, while slowing from a 4.7% expansion in Q2.

Market consensus had pointed to 4.5% YoY growth.

Growth has been affected by persistent property sector weakness, sluggish domestic demand, deflation risks as well as trade frictions with the West.

The latest data came as the government had intensified stimulus measures to prop up economic recovery and rebuild confidence.

Considering the first nine months of the year, the nation’s economy expanded 4.8%. That compares with the government’s full-year objective of approximately 5%.

Fixed-asset investment rose 3.4% year-on-year during the period between January and September, while outpacing market estimate of a 3.3% growth.

The Chinese Yuan was 0.20% firmer on the day against the US Dollar, with the USD/CNY currency pair last trading at 7.1090.