China`s third quarter GDP up 9.1pc, slowest growth rate in 2 years

CHINA has posted a 9.4 per cent year-on-year increase in gross domestic product (GDP) to CNY32.07 trillion (US$5.02 trillion) during the first three quarters, according to the National Bureau of Statistics (NBS).

Xinhua also reports third-quarter GDP growth was 9.1 per cent, down from 9.7 per cent in the first quarter, and 9.5 per cent in the second quarter, marking the slowest pace since the third quarter of 2009. GDP volume in the third quarter was up 2.3 per cent from the second quarter.


During the first three quarters, the added value generated by primary industry rose 3.8 per cent year on year to CNY3.03 trillion, while secondary industry recorded added value of CNY15.48 trillion, up 10.8 per cent and tertiary industry, CNY 13.56 trillion in added value, up nine per cent.


An NBS spokesman said the country`s economic performance was "generally good" and well developed according to the macro-economic regulation in the first nine months.


Large-scale industrial enterprises posted a 14.2 per cent year-on-year increase in value-added during the first three quarters, with the growth rate down 0.1 per cent from the first half.


During the period, state-owned enterprises posted year-on-year value-added growth of 10.4 per cent, while foreign companies, and companies from Hong Kong, Taiwan and Macau recorded growth of 10.9 per cent.


Heavy industry posted a 14.6 per cent year-on-year growth in value-added, while the light industrial sector recorded a 13.1 per cent increase in value-added. All the 39 broad industrial categories posted year-on-year increases in value-added.


Large-scale industrial enterprises posted 13.8 per cent year-on-year and 1.2 per cent month-on-month increases in value-added in September. Industries in eastern China and western China posted 12.2 per cent and 17.1 per cent year-on-year increases in value-added.


The nation`s property sector rose 32 per cent to reach CNY4.42 trillion, 0.9 per cent lower than in the first half. Fixed asset investment rose 24.9 per cent year on year in the first nine months, compared with a 25 per cent gain in the January-August period.


China`s retail sales grew 17 per cent to CNY13.08 trillion in the first nine months from a year earlier and 17.7 per cent in September year on year, up 1.35 per cent from August.