China’s GDP grew 4.9% in the third quarter compared to the same time last year, the country’s National Bureau of Statistics said Monday, as the economic superpower continues to rebound after the coronavirus pandemic.
That growth was fueled by strong retail sales and industrial production, the government said.
China’s exports rose 9.9% last month while imports soared 13.2%—two more strong signs of recovery.
China’s is the only major economy that is expected to grow in 2020, according to the International Monetary Fund, which is forecasting 1.9% growth for the year.
Despite robust growth at home, the Chinese government also noted Monday that the global environment remains “complicated and severe” and that the country is under “great pressure” to prevent any further outbreaks of the virus.
China’s economy shrank 6.8% in the first quarter—its worst contraction in 40 years—as the government shut down nearly all activity in parts of the country to prevent the spread of the coronavirus. In the second quarter, growth bounced back to 3.2% after factories reopened and the government poured billions of dollars in stimulus measures back into the economy.
Economists expect the United States to see growth in the third quarter, too, but that growth is likely to be limited in the fourth quarter if further stimulus measures from the federal government are delayed until 2021.
-By Sarah Hansen, Forbes Staff
Download issues of Forbes Africa
- Single Digital Issue: Nigeria 60 - Forbes Africa Oct/Nov 2020 R50.00
- Single Digital Issue: James Mwangi Cover - Forbes Africa Aug/Sep2020 R50.00
- Single Digital Issue: Forbes Africa June/July 2020 R50.00
- Single Digital Issue: Forbes Africa April 2020 - 30 Under 30 R50.00
- Single Digital Issue: Forbes Africa March 2020 R50.00