The National Bureau of Statistics of China reported that gross domestic product (GDP) grew by 3.9% year-on-year in the third quarter of 2022. This was stronger than the 3.3% – 3.4% growth expected by analysts.
Third quarter GDP was better than the 0.4% growth in the second quarter, when China’s economy was severely impacted by the lockdowns to contain the spread of the coronavirus.
GDP of 3.9% is still below the Chinese government’s target of 5.5%, reflecting the impact of austerity measures to contain the spread of COVID-19 and the collapsed real estate market in China.
Chinese authorities have postponed the release of third-quarter GDP figures from the report originally scheduled for October 18 to today, without giving a reason for the postponement of the release.
Experts pointed out that China will not release economic data during the 20th General Assembly of the Communist Party of China, which was held from October 16 to 22.