Data released Monday showed that gross domestic product (GDP) grew 4.9% in July-September, the weakest pace since the third quarter of 2020 and a slowdown from 7.9% in the second quarter.
The figure marked a further slowdown in expansion of 18.3% in the first quarter, when the year-on-year growth rate was greatly favored by the very low comparison observed during the recession caused by Covid-19 in early 2020.
A Reuters poll of analysts expected GDP to rise 5.2% in the third quarter.
On a quarterly basis, growth slowed to 0.2% in July-September from a downwardly revised 1.2% in the second quarter, the data showed.
The world’s second-largest economy recovered from the pandemic, but the recovery is losing steam, weighed down by faltering factory activity, persistently weak consumption and a slowing real estate sector.
“In response to the unpleasant growth figures we expect in the coming months, we believe that policymakers will take further steps to underpin growth, including ensuring ample liquidity in the interbank market, accelerating the development of infrastructure and the relaxation of some aspects of general credit and real estate policies, “said Louis Kuijs, director of Asian economics at Oxford Economics.
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