Market news
18.10.2019, 06:00

China's GDP growth grinds to near 30-year low in Q3

China's third-quarter economic growth slowed more than expected and to its weakest pace in almost three decades as the bruising U.S. trade war hit factory production, boosting the case for Beijing to roll out fresh support.

Gross domestic product (GDP) rose just 6.0% year-on-year, marking a further loss of momentum for the economy from the second quarter's 6.2% growth.

China's trading partners and investors are closely watching the health of the world's second-largest economy as the trade war with the United States fuels fears about a global recession.

Downbeat Chinese data in recent months has highlighted weaker demand at home and abroad. Still, most analysts say the scope for aggressive stimulus is limited in an economy already saddled with piles of debt following previous easing cycles, which have sent housing prices sharply higher.

The third-quarter GDP growth was the slowest since the first quarter of 1992, the earliest quarterly data on record, and missed forecasts for 6.1% growth. It was also at the bottom end of the government's full-year target range of 6.0%-6.5%.

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