China 3Q GDP Beats Expectations as Consumption Shows Signs of Recovering

China’s third-quarter economic growth beat market expectations as domestic consumption showed signs of picking up and could lead to its ultimate goal of 5% growth this year.

The world’s second largest economy recorded 4.9% growth in the third quarter of this year, beating expectations of a 4.4% expansion by economists while slowing down from a 6.3% increase in the second quarter.

On a quarter-on-quarter basis, China’s economy expanded 1.3%, which was also stronger than economists’ expectations for a 1.0% growth and also higher than a 0.8% growth in the second quarter.

Following the GDP report, China also released its monthly data, showing 4.5% YoY growth in industrial production and 5.5% YoY increase in retail sales last month.