China Reports 4.9% GDP Growth In Q3, Missing Analyst Estimates

China’s gross domestic product improved in the July-September quarter to 4.9% on a year-over-year basis, the country’s National Bureau of Statistics said Monday (Beijing time).

What Happened: The growth in the third quarter, based on preliminary numbers, is more than the 3.2% growth reported by NBS in the second quarter and the 6.8% contraction in the first.

NBS preliminary estimates indicate GDP has recovered 0.7% on a year-over-year basis in 2020, as of the third quarter's end.

China attributed the growth in GDP to rising consumption as well as external demand. The country's exports were valued at approximately $248 billion in September, rising 8.7% year-over-year. 

The NBS said that the country’s economy faced a “great impact of the COVID-19 epidemic,” which resulted in “the complicated and severe environment both at home and abroad.”

Why It Matters: The data posted by China missed the 5.2% growth analysts polled by Refinitiv had projected, CNN noted. 

The International Monetary Fund said this month that China would be the only major economy to grow this year, according to the Nikkei Asian Review. The IMF has projected a growth of 1.9% for China for the entire year 2020 and a contraction of 4.4% for the global economy.