China’s Q3 GDP Data: Quick Facts

China’s economy grew by 6.9 percent on-year in the third quarter of 2015, a shade higher than the consensus forecast of 6.8 percent.

Here are some quick facts on what fueled that growth.

While better than forecasts, growth was still the slowest since the quarter through March 2009, when the economy expanded by 6.2 percent.

In terms of sectors, the agriculture sector grew by 3.8 percent, while the secondary sector grew by 6 percent. The services sector grew by a comparatively more impressive 8.4 percent..

Industrial production, long the driver of China’s frenetic economic activity, was up 6.2 percent from a year earlier.

Manufacturing was the best performing subset, clocking a 7 percent increase, followed by a 3.3 percent increase for mining, and a 1.7 percent growth in electricity, heat, gas, and water subset.

Investments in infrastructure, a key facet of China’s efforts to prop up the economy after the global financial crisis, continued although the pace eased a bit from the first half of the year.

Investments by state holding enterprises showed an increase of 11.4 percent, while private investments were up by 10.4 percent, accounting for 64.8 percent of the total investment.

Wages continued to grow for both rural and urban dwellers, although the pace, as expected, was quicker for residents in villages given the lower absolute levels.

Wages rose by 8.1 percent for rural workers after adjusting for inflation and 6.8 percent for urban residents.


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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam