China’s GDP grew by 7.3% year-on-year in the third quarter, decreasing 0.2 percent compared to the second quarter. This is the weakest growth since the first quarter of 2009 when growth fell to 6.6% due to the global financial crisis.
China’s economy was steaming ahead in the second quarter, growing 7.5% after a slowdown earlier in the year. Because the government has been announcing a series of measures since March, which has helped to stabilize growth in Q2.
China’s first quarter GDP growth rate was 7.4%, representing the slowest growth since third quarter of 2012, and down 30 basis points compared to last quarter. Fixed asset investment came in slightly below expectations with a 17.6% year-on-year growth.
China’s economic growth rate for 2013 was slightly above market expectations, landing at 7.7%. And while this was 0.1 percentage points from being the lowest growth since 1999, it is not a surprising development considering global macroeconomic conditions and the economic transition the country is currently experiencing.