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China’s economy weakened sharply in the third quarter as the Delta wave, electrical power shortages, and the real estate slowdown weighed on growth. Real GDP growth slowed to a weak 0.2% quarterly rate (seasonally adjusted but not annualized) in the advance estimate for the third quarter of 2021, less than half the second quarter’s 1.3% increase, and undershooting the 0.4% consensus forecast. In year-over-year terms, real GDP growth slowed to 4.9% from 7.9% in the second quarter. Growth in the primary sector (agriculture) slowed to 7.1% from 7.6%, growth in the secondary (industrial) sector slowed to 3.6% from 7.5%, and growth in the tertiary (services) sector slowed to 5.4% from 8.3%.Subscribe to Comments