By Kevin Yao and Gabriel Crossley
BEIJING (Reuters) – China’s economy posted its slowest growth rate in a year in the third quarter, hampered by energy shortages, bottlenecks in supply chains and major turmoil in the real estate market, putting pressure on market makers economic policy for more action to sustain the faltering recovery.
The data released on Sunday night (in Brazil) showed that the Gross Domestic Product (GDP) grew 4.9% between July and September compared to the same period of the previous year, the weakest reading since the third quarter of 2020 and below the predictions.
The world’s second-largest economy is facing several major challenges, including the China Evergrande Group debt crisis, supply chain delays and a critical electricity crisis, which has pushed factory production to its weakest point since early 2020 , when heavy restrictions related to Covid-19 were in place.
“The domestic economic recovery is still unstable and uneven,” National Bureau of Statistics (NBS) spokesman Fu Linghui said at a briefing in Beijing.
China’s economy has made an impressive recovery since last year’s pandemic crisis, thanks to effective containment of the virus and high demand abroad for the country’s manufactured goods. But the rebound has weakened since the explosive growth of 18.3% registered in the first quarter of this year.
A Reuters survey of analysts showed that GDP would increase 5.2% in the third quarter.
The weak numbers caused the yuan and most Asian equity markets to tumble amid broader investor concerns about the global economic recovery.
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