BEIJING (dpa-AFX) - China's economic growth accelerated more than expected in the third quarter despite challenges posed by property market downturn and soft domestic demand, bolstering prospects that the government will achieve its full-year growth target without initiating more stimulus measures.
Gross domestic product grew 4.5 percent on a yearly basis in the third quarter, faster than the 4.3 percent expansion seen in the prior quarter, the National Bureau of Statistics said Monday. This was also better than forecast of 4.4 percent.
On a quarterly basis, GDP advanced 1.2 percent compared to the expected rate of 1.1 percent.
The economy logged an expansion of 4.6 percent in the nine months to September, which was within the government's full year target of 4.5-5 percent.
Last week, the International Monetary Fund projected China's GDP growth to ease to 4.5 percent this year, citing higher oil prices and structural headwinds as potential drags on activity. However, the IMF noted that policy support would help prevent a sharper slowdown.
Data today showed that industrial production expanded at an accelerating pace, rising 5.5 percent in September compared with a year ago, up from a 5.2 percent gain in August. Economists had anticipated a 5.4 percent increase.
Likewise, retail sales posted an annual growth of 1.1 percent in September, following a 0.4 percent rise in August. The figure outpaced economist expectations of 0.5 percent growth.
In the first nine months of 2026, fixed asset investment contracted 7.2 percent from the same period last year. Property investment declined more sharply, falling 20.6 percent during the same timeframe.
In September, the urban unemployment rate dropped marginally to 5.2 percent, while the rate was expected to remain unchanged at 5.3 percent.
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