Photo Credit: Los Angeles Times

China’s Growth Rate Is 6 Percent In Third Quarter, Lowest Since 1992

The National Statistical Data (NSD) of China for the third quarter of 2019 have released China’s Growth Rate Is 6 Percent. It has shown that the economic growth of China was recorded at 6 percent, the lowest since China began measuring such data in 1992. According to the data released, the growth rate of China in the first quarter of 2019 is said to be 6.4 percent while the second quarter of 2019 recorded a 6.2 percent growth rate.

The lowest quarterly growth rate since 1992 at 6 percent is said to be because of the escalating US-China trade war. According to the new data, agricultural production is said to be optimized, thus recording the production at 650 million tons till the third quarter for 2019. The NSD also said that pork production was down by 17.2 percent, producing barely 31.81 million tons. China have reported of pork shortages as pigs were culled due to the outbreak of African swine flu among the pigs. China is the world’s largest producer of pork, usually produces 55 million tons of pork every year.

The data also said that employment generation of 10.97 million, which accounted for 99.97 percent of the said target for 2019, is said to have been achieved within the first three quarter of the year.China’s industrial sector also reportedly grew at 5.8 percent that was said to be above the expectations of analysts. The industrial sector, which was said to be propelled by the manufacturing sector as well as mining, was expected to be hardest hit due to the increased in tariff in Chinese imports to the US. But the new data have shown that China have performed relatively well despite the trade war between China and US. Since previous month , US have raised the trade tariff to 550 billion worth of Chinese imports into the US. The retail sales of China, which is an indicator of the levels of consumption, also saw an increase at 7.8 percent in the third quarter.