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China's Q3 GDP Grows 4.6%, Slightly Above Estimates Amid Property Slump

Oct 18, 2024, 02:11 AM

China's economy expanded by 4.6% year-on-year in the third quarter of 2024, slightly exceeding the estimated 4.5%, according to data released by the National Bureau of Statistics (NBS) on Friday. This marks the slowest quarterly growth in over a year and is a decrease from the 5.3% growth in the first quarter and 4.7% in the second quarter, indicating a continued slowdown. The gross domestic product (GDP) totaled 94.97 trillion yuan (approximately $13.33 trillion) in the first nine months of 2024, representing a 4.8% increase compared to the same period last year, slightly below the estimated 4.9%. New home prices fell by 0.71% month-on-month in September, highlighting ongoing weakness in the property sector. The slowdown in growth and the property slump have fueled calls for additional fiscal stimulus to bolster the economy, with traders awaiting more details on potential measures.