China's economy grew 4.6% year-on-year in Q3 2024, slightly above market expectations of 4.5%, but down from 4.7% in Q2.
Chinese economy growth slows less than expected
This marked the slowest growth since Q1 2023, reflecting ongoing challenges such as a weak property sector, tepid domestic demand, deflation risks, and trade tensions with the West. Despite intensified stimulus from Beijing, the recovery remains fragile. September showed some positive trends: industrial output and retail sales posted their strongest gains in four months, and the urban unemployment rate dropped to 5.1%, a three-month low. However, exports grew at their slowest pace in five months, and imports remained weak.
Nine months performance
For the first nine months of 2024, the economy expanded by 4.8%, slightly below the government's full-year target of 5%, with fixed investment rising 3.4%, exceeding expectations of 3.3%.
