BEIJING — China’s third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September.
The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. That missed expectations for a 5.2% expansion, according to analysts polled by Reuters.
Industrial production rose by 3.1% in September, below the 4.5% expected by Reuters.
However, retail sales beat expectations, rising 4.4% in September from a year ago. The Reuters poll predicted 3.3% growth.
Fixed asset investment for the first three quarters of the year came in weaker than expected, up 7.3% from a year ago versus the expected 7.9% figure.
The urban unemployment rate in September was 4.9%. However, that for those aged 16 to 24 remained far higher, at 14.6%.
Ten major banks tracked by CNBC have trimmed their full year China GDP forecasts as power shortages and efforts to rein in debt-fueled expansion in the real estate sector add to many other pressures on growth, such as sluggish consumer spending.
— CNBC’s Yen Nee Lee contributed to this report.
This is breaking news. Please check back for updates.