China's economy grows 4.6% in third quarter, official data shows

By Gokhan Ergocun

ISTANBUL (AA) - China’s economy expanded by 4.6% in the third quarter of 2024 compared to the same period last year, according to official figures released Friday by the National Bureau of Statistics.

For the first nine months of the year, China’s gross domestic product (GDP) rose by 4.8%, reflecting steady economic progress, the bureau said.

The national economy was generally stable with steady progress, the bureau reported, highlighting an increase in production and demand, stable employment and prices, and improvements in people’s well-being. It also noted solid progress in high-quality development and the growth of new productive forces.

Agriculture saw a year-on-year value-added increase of 3.7% in the first three quarters, while industrial enterprises grew by 5.8%. The value-added of services rose by 4.7% over the same period.

Retail sales of consumer goods climbed by 3.3% year-on-year in the first three quarters, while the total value of imports and exports of goods increased by 5.3%.

Meanwhile, the consumer price index (CPI), which measures inflation, rose by a modest 0.3% in the first nine months compared to the same period last year.