Chinese economic growth beats estimates in Q3
The country’s gross domestic product (GDP) increased 7.3% in the July- September period on a yearly basis, according to the National Bureau of Statistics. Initial estimates called for a growth rate of 7.2% in a survey by Bloomberg. A 7.9% expansion in services helped the country’s GDP to climb 7.4% in the January- September period.
Meanwhile, industrial production in the country rose 8% in September compared to a 6.9% increase in August. Retail sales also climbed 11.6% compared to the same period of the previous year. Growth in the agricultural industry was 4.2%, while secondary industry, which includes mining and manufacturing, grew 7.4%.
According to a poll of Bloomberg analysts, the Chinese government will set its economic growth target for 2015 at about 7%.
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