China’s GDP grew 4.9% year-on-year in the third quarter

China’s gross domestic product (GDP) grew 4.9% year-on-year in the third quarter of 2021, according to official data released today.EFE / Jerome Favre

Shanghai (China), Oct 18 (EFE) .- China’s gross domestic product (GDP) grew 4.9% year-on-year in the third quarter of 2021, according to official data published today.
The data represents a slowdown compared to the 7.9% advance registered in the second quarter of the year, and is slightly below that expected by analysts, who forecast around 5%.
In the comparison with the previous quarter, Chinese GDP rose 0.2%, a figure also lower than expected by experts.
At the end of September, China’s total wealth reached 82.31 trillion yuan (12.79 trillion dollars, 11.04 trillion euros) in nominal terms after increasing by 9.8% year-on-year in accumulated since the beginning. of the year.
In the first quarter of 2021, GDP increased 18.3% year-on-year thanks to the comparative base effect -the first three months of 2020 were the worst of the pandemic in China and caused a serious economic slowdown in the country-, while in the second, 7.9% did the same.
The National Statistical Office (ONE) pointed out that the main indicators, including GDP, remained in a “reasonable range” until September and that the national economy “continued to resume its development” despite the fact that the environment, both domestically as an international, it was “complex and tough”.
These international “uncertainties” have grown, said the institution, which, although it spoke of “a general recovery trend” with positive steps in the direction of “structural adjustments” and “high-quality growth”, also warned that the Revival of the Chinese economy “is still unstable and uneven.”
After not setting a growth target in 2020, the Chinese government this year recovered its usual forecasts and set this goal at “more than 6%”, a less specific mark than usual and below what analysts expected.
Meanwhile, global institutions are somewhat more optimistic: for example, the International Monetary Fund (IMF) places its growth forecasts for China at 8% during 2021, although it represents a reduction of one tenth compared to its previous calculation.
In 2020, after the aforementioned collapse of the first quarter, the Chinese economy drew an upward line and, according to official data, it ended up growing by 2.3%.