China’s Growth Beats Forecasts as Consumer Spending Improves
- GDP expands 4.9% y/y in 3Q, topping economists’ forecasts
- Retail sales jumps 5.5% in September, the highest since May
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China’s economy gained momentum last quarter as people ramped up spending on everything from restaurants and alcohol to cars, offsetting a drag from the property crisis and putting Beijing’s annual growth goal well within reach.
Gross domestic product for the three months ended September expanded 4.9% year-on-year and 1.3% from the previous quarter, far exceeding economists’ expectations as government stimulus efforts appeared to take root. The figures got a boost from bumper retail sales growth last month, which recorded the biggest jump since May. The jobless rate was the lowest in nearly two years.