China's GDP grows 4.9% y-o-y in September quarter, misses expectations

China's economic recovery disappointed in the third-quarter, growing 4.9 per cent from a year earlier and missing analyst expectations, data from the National Bureau of Statistics showed on Monday.

The growth was slower than the 5.2 per cent forecast by analysts in a Reuters poll, and followed 3.2 per cent growth in the second quarter.

The economy grew 0.7 per cent in the first nine months from a year earlier, the data showed.

The world's second-largest economy has been steadily recovering from decades-low growth seen in the first months of the year caused by the coronavirus shock.

The government has rolled out a raft of measures, including more fiscal spending, tax relief and cuts in lending rates and banks' reserve requirements to revive the coronavirus-hit economy and support employment.

 

On a quarter-on-quarter basis, GDP rose 2.7 per cent in July-September, the bureau said, compared with expectations for a 3.2 per cent rise and an 11.5 per cent rise in the previous quarter.