Weekly Economic And Financial Commentary – October 26, 2020
Data from China’s National Bureau of Statistics released last week showed China’s economy expanded 4.9% YoY in Q3 2020 (below average growth rate of 6.3%), an improvement from 3.2% YoY in Q2 and the Covid-19 induced contraction of 6.8% YoY in Q1 202O. On a quarter-on-quarter basis, GDP expanded by 2.9% in Q3, compared with a 11.7% QoQ growth in Q2. The Q3 performance emanated from growth in agriculture (crop farming) by 3.9% YoY (Q2: +3.9% YoY), industrial production grew by 5.8% YoY (Q2: +4.4% YoY) and service sector growth of 4.3% YoY (Q2: +1.9% YoY). Also, net exports grew by 7.5% YoY (Q2: 0.2% YoY) and retail sales quarter grew by 0.9% YoY, the first positive growth in 2020.
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