China’s economy grew by 4.9% between July and September, overcoming a slump in the first half of the year caused by the outbreak of Covid-19.
While the figure is lower than the 5.2% expected by economists, according to the BBC, China is now leading the charge for a global recovery based on its latest gross domestic product (GDP) data.
The near-5% growth is a far cry from the slump the Chinese economy suffered at the start of 2020 when the pandemic first emerged.
The Financial Times reported that the expansion in gross domestic product missed expectations but was still well ahead of a 3.2 per cent increase in the second quarter and ‘represents a sharp turnaround from a historic decline at the start of the year’.
For the first three months of this year, China’s economy shrank by 6.8% when it saw nationwide shutdowns of factories and manufacturing plants.
It was the first time China’s economy contracted since it started recording quarterly figures in 1992.
Over the previous two decades, China saw an average economic growth rate of about 9%.