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[Ferro-Alloys.com] China's economy expanded by almost 5pc in the third quarter, continuing the country's recovery from its Covid-19 outbreak earlier this year.

GDP increased by 4.9pc from a year earlier during July-September, the national statistics bureau (NBS) said. That was an acceleration from year-on-year growth of 3.2pc for April-June and followed a decline of 6.8pc in the first quarter — the first contraction in China's economy in almost 50 years.

The Chinese economy grew by 0.7pc in the first nine months of this year, the NBS said. China is likely to be the only major economy to expand in 2020, as most developed countries struggle to manage the coronavirus pandemic, according to the IMF.

The third-quarter growth was slightly below many analysts' expectations, but nevertheless reinforces China's key role in supporting global oil and commodity demand. Industrial production increased by 5.8pc from a year earlier during July-September and by 6.9pc in September alone, the NBS said.

Source: Argysmedia

 

• [Editor:kangmingfei]