China's economy recorded a 4.5 percent growth rate in the third quarter of the year

China's economy exceeded expectations in the third quarter of the year, growing by 4.5 percent compared to the same period of the previous year, supported by increases in industrial production and exports.

According to data released by the National Bureau of Statistics of China, gross domestic product increased by 4.5 percent in the July-September period compared to the same period last year. The median expectation of economists in a Bloomberg survey was at 4.4 percent. Growth, which had slowed down to 4.3 percent in the second quarter—its lowest level since 2022—regained momentum in the third quarter, reaching 4.6 percent in the first nine months of the year and falling within the government's target range.

While industrial production rose by 5.5 percent year-on-year in September, retail sales also increased to 1.1 percent in September. The urban unemployment rate fell to 5.2 percent, while real estate investments dropped by 20.6 percent in the first nine months of the year, indicating a deepening contraction in the sector. China's exports recorded an increase of more than a third on an annual basis in September.