China's Q3 GDP Grew 3.9% YoY, Beating Forecasts
The data, published six days later than scheduled, showed higher growth than the consensus of 2.5%.
According to the official data published earlier on Monday, October 24, GDP in the world's second-largest economy advanced by 3.9% in Q3 on an annual basis, above the 3.4% pace of consensus forecast, and tangibly upping from the 0.4% pace in Q2. A Reuters poll forecast China's growth to slow to 3.2% in 2022, far below the official target of around 5.5%.
China had been expected to announce some of its weakest quarterly growth figures since 2020, with its economy still heavily impacted by Covid-19 restrictions and a real estate crisis. The data was originally scheduled for release on Oct. 18 but was delayed until after the Communist Party Congress which took place last week as the country's leaders gathered to hand President Xi Jinping a historic third term in office.
Despite the rebound, the Chinese economy is facing challenges on multiple fronts at home and abroad. China's zero-Covid strategy and strife in its key property sector have exacerbated the external pressure from the geopolitical crises (read: Ukraine, Taiwan) and a global slowdown due to monetary policy tightening to curb record pace of inflation.
World Population Touches the 8 Billion Milestone; India to Replace China As Most Populated Country By 2030
The world touched 1 billion back in 1804, and the growth has gotten faster and faster over the subsequent two centuries.
Key events this week: U.S. Fed, BoE interest rate decisions; U.S. jobs report, UK PMI, Eurozone inflation and more
The central banks of India, the United Kingdom, and the United States will meet in the upcoming week.
Oil prices rose on Thursday, extending a more than 3% rally in the previous session, boosted by record U.S. crude exports and a weaker U.S. dollar, though gains were capped in Asia due to lingering fears over slack demand in China.