China’s gross domestic product (GDP) rose by 6 per cent year-on-year in the third quarter of 2019.
This is lowest growth rate since March 1992 when official records for quarterly growth started being published.
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Growth slowed down from the 6.4 per cent and 6.2 per cent posted in the first two quarters of the year, Efe news reported.
The figures have confirmed that China‘s economy, despite still growing at a high rate, is in the process of slowing down owing to the effects of the trade war with the US and other factors such as a lower domestic demand due to measures to reduce debt.
According to National Bureau of Statistics (NBS) during the first three quarters of 2019, China’s GDP posted a growth of 6.2 per cent with respect to the same period of the previous year to stand at 69.78 trillion yuan ($9.86 trillion).
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Although the data is in line China’s annual GDP target of 6-6.5 percent for 2019, it is still lower than the 6.5 per cent growth the economy recorded in the first three quarters of last year.
Industrial production also increased by 5.6 percent year-on-year in the first three quarters of 2019, 0.8 percent lower than in the same period of the previous year.