Guangzhou (JLC), October 18, 2023 – China's economy continued to improve in the first three quarters (Q1-Q3) of 2023, with the industrial output, service sector, retail sales, fixed-asset investment all registering growth, data from the National Bureau of Statistics (NBS) showed.
China's gross domestic product (GDP) grew 5.2% year on year in the first three quarters of 2023, the NBS data showed, on the right track to achieve its annual GDP growth target, which was around 5%.
In the third quarter, the country's GDP increased by 4.9% year on year, versus 6.3% in the second quarter and 4.5% in the first quarter, the NBS data indicated.
With key indicators largely showing a mild recovery in January-September, China economy once again demonstrated resilience despite various challenges.
Industrial output grows steadily
In January-September, China's value-added industrial output, a gauge of activity in the manufacturing, mining and utilities sectors, rose 4.0% YoY, the NBS data indicated.
In breakdown, output from the mining sector increased 1.7% YoY in January-September, output from the manufacturing sector grew 4.4% YoY, and output from the electricity, heat, gas and water sectors gained 3.5% YoY, the NBS said.
In September, China's value-added industrial output grew 4.5% year on year, the NBS data showed.
Service sector continues to grow
In January-September, China’s overall service output gained 6.0% YoY.
In breakdown, output from the catering and accommodations sector grew 14.4% YoY, while output from the transport, logistics and postal services sector grew 7.5% YoY in January-September.
China's service production index rose 6.9% YoY in September, accelerating from 6.8% in August, the NBS data showed.
Retail sector keeps improving
In January-September, China's retail sales for consumer goods, a key measurement of consumer spending, gained 6.8% YoY to CNY34.21 trillion.
Among them, retail sales of goods stood at CNY30.50 trillion in January-September, gaining 5.5% YoY, and sales from the catering industry amounted to about CNY3.71 trillion, growing 18.7% YoY, the NBS said.
Online sales of goods came in at CNY9.04 trillion in January-September, gaining 8.9% on year.
In September alone, China's retail sales of consumer goods increased 5.5% YoY, the NBS said.
Fixed-asset investment keeps expanding
In January-September, China's fixed-asset investment went up 3.1% YoY to CNY37.50 trillion, the NBS data showed.
In breakdown, fixed-asset investment in infrastructure and manufacturing both gained 6.2% YoY.
However, investment in the property sector dropped 9.1% YoY.
Import and Export largely stable
In January-September, total value of imports and exports of goods (in CNY terms) totaled CNY30.80 trillion, a year-on-year decrease of 0.2%.
Export value gained 0.6% YoY to CNY17.60 trillion in January-September, while import value contracted 1.2% to CNY13.20 trillion in these months.
In September, total value of imports and exports of goods (in CNY terms) totaled CNY3.74 trillion, dropping 0.7% YoY, the NBS data showed.
Export value fell 0.6% YoY to CNY2.15 trillion in September, while import value contracted 0.8% YoY to CNY1.59 trillion in the month.
Unemployment rate drops
In January-September, the surveyed urban unemployment rate stood at 5.3%, down from 5.6% in the same period of 2022.
The surveyed urban jobless rate came in at 5.0% in September, versus 5.2% in August, the NBS data showed.
