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China economy: Retail sales boom in September but GDP misses estimates - Business Insider

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China's economic recovery from the pandemic is accelerating, but not as quickly as forecast

People line up in Apple store to make an appointment to buy iPhone se2, Shanghai, China, April 24, 2020. Apple's new iPhone se2 mobile phone officially landed in major apple stores in Shanghai.China's retail sales rose 3.3% in September, beating analysts' estimates for a 1.8% rise. China's GDP rose 4.9% in the third quarter, behind expectations for a 5.2% rise.

Retail sales rose by 3.3% year-on-year in September, following a 0.5% rise in August and above expectations for a 1.8% rise. This was the steepest increase since last December, as easing COVID-19 restrictions encouraged a boost in consumer spending.

Industrial production in China rose by 6.9% year-on-year in September, marking its sixth consecutive month of growth and the fastest since December 2019, with mining and manufacturing activity staging strong increases.

 

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