#中国三季度经济增速加快至4.5%
Third-quarter GDP grew 4.5%, but two figures really stand out: -20.6% and +22%.
According to data from the National Bureau of Statistics, GDP grew 4.6% in the first three quarters, with third-quarter growth at 4.5%, up from 4.3% in the second quarter. GDP grew 1.2% quarter on quarter. But beneath the average, the divide is deep.
The old engine is still shrinking: real estate development investment fell 20.6% from January to September, residential investment fell 20.5%, and floor space sold in newly built homes fell 13.2%. Cement, steel, home furnishings and renovation businesses tied to the property sector are still feeling the chill.
The new engine is pulling hard: third-quarter exports topped 8 trillion yuan for the first time, up 22% year on year. High-tech manufacturing grew 14.3%, industrial robots 29.1%, lithium-ion batteries 39.5%, integrated circuit exports 99.1%, and electric vehicle exports 72.3%.
Consumption is also diverging: retail sales grew just 1.1% in September, but services retail sales rose 5.0% in the first three quarters. It’s not that people aren’t spending—it’s that they’re spending differently.
On the income front, per capita disposable income was 34,230 yuan, up 4.4% in real terms. Rural incomes rose 5.6%, faster than the 3.6% increase in urban areas. The average unemployment rate was 5.2%.
So 4.5% can’t be summed up as simply “good” or “bad.” If you’re tied to the property sector, you’re feeling -20.6%; if you’re in high-end manufacturing and exports, you’re feeling +22%. Same third quarter, two different temperatures. Which sector are you in? What’s it like where you are?
#中国三季度经济增速加快至4
Share your thoughts in the comments.
Third-quarter GDP grew 4.5%, but two figures really stand out: -20.6% and +22%.
According to data from the National Bureau of Statistics, GDP grew 4.6% in the first three quarters, with third-quarter growth at 4.5%, up from 4.3% in the second quarter. GDP grew 1.2% quarter on quarter. But beneath the average, the divide is deep.
The old engine is still shrinking: real estate development investment fell 20.6% from January to September, residential investment fell 20.5%, and floor space sold in newly built homes fell 13.2%. Cement, steel, home furnishings and renovation businesses tied to the property sector are still feeling the chill.
The new engine is pulling hard: third-quarter exports topped 8 trillion yuan for the first time, up 22% year on year. High-tech manufacturing grew 14.3%, industrial robots 29.1%, lithium-ion batteries 39.5%, integrated circuit exports 99.1%, and electric vehicle exports 72.3%.
Consumption is also diverging: retail sales grew just 1.1% in September, but services retail sales rose 5.0% in the first three quarters. It’s not that people aren’t spending—it’s that they’re spending differently.
On the income front, per capita disposable income was 34,230 yuan, up 4.4% in real terms. Rural incomes rose 5.6%, faster than the 3.6% increase in urban areas. The average unemployment rate was 5.2%.
So 4.5% can’t be summed up as simply “good” or “bad.” If you’re tied to the property sector, you’re feeling -20.6%; if you’re in high-end manufacturing and exports, you’re feeling +22%. Same third quarter, two different temperatures. Which sector are you in? What’s it like where you are?
#中国三季度经济增速加快至4
Share your thoughts in the comments.