China's Economic Growth Slows to Record Low 6.0% in 3rd Quarter - Statistics Bureau
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BEIJING (Sputnik) - China's gross domestic product (GDP) grew by 6.2 percent during the first three quarters of 2019, while in the third quarter, it increased by 6.0 percent, which is the slowest growth rate in 27 years on the record, the country's National Bureau of Statistics said in a report.
The report was issued amid China's trade row with the United States that sparked a decrease in the Asian country's economic growth.
"According to preliminary calculations, China's GDP growth during the first three-quarters year-on-year amounted to 69.779 trillion yuan [$9.8 trillion]. The year-on-year growth is 6.2 percent," the report read.
The report noted that the 6 percent economic growth in the third quarter was lower than analysts' forecast that expected the GDP to increase by 6.1 percent.
China set the 2019 GDP growth target at 6-6.5 percent.
The US and China, the world's two largest economic powers, have been engulfed in a lengthy trade war, which has been on and off for over a year, casting a shadow over financial markets and global growth at large.
Economic Indicators 1 hour ago (Sep 29, 2019 09:21PM ET) BEIJING (Reuters) - Growth in China's services sector activity slowed slightly in September, official data showed on Monday. The official non-manufacturing Purchasing Managers' Index
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