MNI BRIEF: China's Q3 GDP Slows To 4.8% On Increased Headwinds

The Chinese economy grew by 4.8% year-on-year in Q3, slowing by 0.4 percentage points from Q2 and bringing the accumulated GDP for the first three quarters to 5.2%, National Bureau of Statistics data showed Monday, citing external tariff disruption and the great pressure of domestic economic restructuring. (See MNI: China Advisors Eye 4.8% Q3 GDP Amid Slowing Momentum)

China’s fixed-asset investment growth fell by 0.5% y/y in the Jan–Sep period from the previous 0.5% gain, marking the slowest pace since Jul 2020 and missing the median forecast of 0.1%.

Property investment fell further by 13.9% in the first nine months, the sharpest drop since Feb 2020, after a 12.9% decline in Jan-Aug. Infrastructure and manufacturing investment grew 1.1% and 4.0%, down from 2.0% and 5.1%. 

Retail sales slowed for the fourth month by rising 3.0% y/y, down from August's 3.4%, in line with the 3.0% forecast but hitting the lowest since Dec 2024. Industrial output grew by 6.5% y/y to mark a three-month high, rising from August's 5.2% and beating the 5.0% forecast.