China’s GDP growth drops below 7% for first time since 2009
Stronger service sector growth, which helped to offset the effects of weaker exports and slower manufacturing growth and a series of efforts by the government to spur the slowing economy were cited as the main reasons behind stronger than expected growth in the three months ending in September.
China’s services sector expanded 8.4% in the third quarter while fixed-asset investment grew at the slowest pace since 2000 in the first nine months of the year, growing by 10.3% compared with economists’ initial forecasts of 10.8%. In September, the country’s industrial production increased 5.7% on the year, falling below economists’ expectations, which called for a 6% gain. Retail sales, meanwhile, rose 1.9% in the same month.
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