Posted in: Tattle, World

China economy slows as power cuts, property woes and Covid take toll

GDP grew 4.9% in the quarter to September, the lowest for a year, as the post-pandemic recovery loses steam and Evergrande problems persist

China’s economy grew slower than expected in the third quarter, official data showed on Monday, thanks to power outages, supply bottlenecks, Covid outbreaks, and concerns about the struggling property sector.

Although China’s central bank governor said the country is “doing well”, independent economists predicted that the mounting array of headwinds suggest a “deeper downturn” resulting in the country’s weakest growth for more than a decade next year.