Image Source : China Visual

BEIJING, October 24 (TMTPOST) — China's third-quarter GDP grew by 3.9% from a year ago, beating expectations, according to data released by the National Bureau of Statistics (NBS) on Monday.

China's economy grew by 3% in the first three quarters, which was 0.5 percentage point faster than that in the first half, according to the NBS. 

Thanks to various economic stimulation policies and measures that put the pandemic at bay in general, China's economy performed better than market expectations.

The rebound in economic growth in the third quarter was mainly driven by the secondary and tertiary industries. In the third quarter, the value added of the primary industry grew by 3.4% year-on-year, 1 percentage point lower than the second quarter. The value added of the secondary industry grew by 5.2% year-on-year, higher than the overall GDP growth. It rebounded significantly by 4.3 percentage points compared with the second quarter, reflecting the rapid recovery of industrial production. The value added of the tertiary industry grew by 3.2% year-on-year, which was lower than the overall GDP growth rate but rebounded by 3.2 percentage points compared with the second quarter.

In the first three quarters of 2022, the value added of the above three industries accounted for 6.3%, 40.2%, and 53.5% of GDP, respectively. Compared with the same period of the previous year, the proportion of the primary industry remained relatively unchanged, the secondary industry increased by 1.1 percentage points, and the tertiary industry decreased by 1.1 percentage points, indicating that the recovery of the service industry still needs to be enhanced.

Final consumption expenditure, net exports of goods and services, and capital formation, contributed 52.4%, 27.4%, and 20.2% to economic growth in the third quarter of 2022. Compared with the same period of the previous year, the contribution of consumption to economic growth dropped sharply by 25.1 percentage points year-on-year in the third quarter, indicating that consumption is still in the process of recovery. The contribution of net exports and investment to economic growth rose by 12.7 percentage points and 12.4 percentage points respectively, compared with the same period of 2021.