China’s GDP grew by 4.9% y/y in Q3 2020

China’s economy continued to improve in Q3 2020, with GDP growing in real terms by 4.9% y/y. This was stronger than the Q2 outturn of 3.2% y/y, which in turn marked a distinct improvement on the slump in Q1 when GDP contracted by 6.8% y/y. 

The statistics show a broadening of the recovery away from a reliance on investment spending, with the services sector, which had been lagging the upturn, growing at the faster pace of 4.3% y/y in Q3, up from 1.9% y/y in Q2.

Further data and analysis on China’s economy is available on the CEIC China Economy in a Snapshot – Q4 2020 report.