Posted on 19 Oct 2023
During the first nine months of 2023, China's gross domestic product (GDP) increased by 5.2% on year to Yuan 91.3 trillion ($12.7 trillion), with the growth rate being slightly slower than the 5.5% recorded for January-June, according to the latest release by the country's National Bureau of Statistics on Wednesday morning.
For the third quarter alone, domestic GDP went up by 4.9% on year, and the pace also slowed by 1.4 percentage points compared with Q2, NBS data showed.
"China's domestic economy is recovering steadily with supply and demand both expanding over the first three quarters this year," NBS said.
Among the three pillars to China's economy, the tertiary sector remained the backbone of the country's total GDP growth over the past three quarters as its production value gained 6% on year to reach Yuan 50.3 trillion, according to NBS data. Meanwhile, the output value in the agriculture sector increased by 4% on year to Yuan 5.6 trillion over January-September, while that for the industry sector also grew 4.4% on year to Yuan 35.4 trillion.
Specifically in the industry sector, the value-added output in the mining industry climbed by 1.7% on year, and that in the manufacturing industry went up 4.4%. By product, the output growths of solar cells, charging piles, and new-energy vehicles continued expanding strongly, rising by 63.2%, 34.2%, and 26.7% on year, respectively, according to NBS data.
During January-September, China's total investment in the industry sector increased by 9% on year to reach Yuan 11.7 trillion, among which the amount invested in high-technology industries gained 11.4% on year, NBS data showed.
Chinese people earned more money during the first three quarters this year with their actual per capita disposable income increasing by 5.9% on year. During the same period, the average unemployment rate in townships stood stable at 5.3%, while the rate in September alone settled at 5% after falling for two straight months.
Source:Mysteel Global
