China’s GDP grows 3.9 points in third quarter of 2022

Beijing, Oct 24 (Prensa Latina) China on Monday reported an expansion of its Gross Domestic Product (GDP) of 3.9 points in the July to September quarter, and the data denote a recovery despite the impact of the new outbreaks of Covid-19 and the Russia-Ukraine war.

October 24, 2022
10:35

Beijing’s National Bureau of Statistics stated that during the third quarter of 2022, the indicators of the economy also performed better; for example, retail sales of consumer goods rose 3.5 percent after a long period of decline.

Meanwhile, fixed asset investment grew 5.9 points, and the business activity ended the period with a year-on-year increase of 9.9 percent, accounting for transactions of 4.75 trillion dollars.

The unemployment rate fell 5.4 percent in urban areas, but unemployment among young people aged 16 to 24 years remains at 17.9 percent.

In addition, inflation rose 2.8 percent in September, driven by the continued rise in the price of fresh vegetables, fruits, and coveted pork amid drought and extreme heat.

The statistics corroborate the persistent challenges of the Chinese economy to end 2022 with a GDP above 5.5 points, one of the lowest in the last decade, but in tune with the country’s recovery and its plans to ensure economic stability.

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