China GDP Growth Eases In Q3

(RTTNews) - China's economy logged a slower growth in the third quarter, official data showed on Monday.

Gross domestic product expanded 4.8 percent on a yearly basis in the third quarter after rising 5.2 percent a quarter ago, the National Bureau of Statistics reported. Nonetheless, the pace of growth was slightly better than forecast of 4.7 percent. On a quarterly basis, GDP was up 1.1 percent, which was bigger than the expected growth of 0.8 percent.

In September, industrial output climbed 6.5 percent from a year ago, much faster than the 5.2 percent growth posted in August.

However, annual growth in retail sales eased to 3.0 percent from 3.4 percent in the previous month. Sales were forecast to grow 2.9 percent.

During January to September, fixed asset investment dropped 0.5 percent after rising 0.5 percent in the January to August period. Economists had forecast a marginal growth of 0.1 percent.

Elsewhere, the People's Bank of China left its benchmark interest rates unchanged for the fifth straight month despite slowing economic growth.

The PBoC retained its one-year loan prime rate at 3.0 percent. Similarly, the five-year LPR, the benchmark for mortgage rates, was maintained at 3.50 percent.