National Bureau of Statistics of China

China's GDP Grows 4.6% in Q3, Slowest in 18 Months, Raising Calls for Stimulus

Oct 18, 2024, 02:30 AM

China's economy grew by 4.6% year-on-year in the third quarter of 2024, marking the slowest pace in over a year and a half, according to data released by the National Bureau of Statistics on Friday. This growth rate is slightly above market expectations but down from the 4.7% growth recorded in the previous quarter and 5.3% in the first quarter. In the first nine months of 2024, China's gross domestic product totaled 94.97 trillion yuan (approximately $13.33 trillion), representing a 4.8% increase from the same period last year. Fixed-asset investment rose 3.4% year-on-year, while retail sales increased 3.3% and value-added industrial output grew by 5.8%. The urban unemployment rate fell to 5.1% in September from 5.3% previously. The slowdown underscores challenges facing China's economy, including sluggish consumption and a property slump, and has maintained pressure on policymakers to consider additional stimulus measures.