China’s 3rd Quarter 2015 GDP Falls to 6.9 Percent

rfChina’s GDP during the 3rd quarter of 2015 was 6.9 percent, edging down slightly from the first and second quarters that saw 7.0 percent economic expansion, according to a preliminary report on Monday from China’s National Bureau of Statistics.

During the first 3 quarters of 2015, total retail sales of Chinese goods increased 10.5 percent. Sales of online goods increased 36.2 percent in the first 3 quarters of 2015 year over year.

The growth of  China’s industrial production in the first 3 quarters of 2015 expanded 6.2 percent above designated size.

Imports and exports decreased by 7.9 percent year over year in the first 3 quarters of 2015.

The total value of exports dropped by 1.8 percent while imports declined by 15. 1 percent.

During the first 3 quarters of 2015, consumer prices increased by 1.4 percent year over year.

More specifically, consumer prices went up 1.5 percent in urban areas and 1.3 in rural areas.

“As a whole, the good momentum of steady growth did not change in spite of the slowdown in the third quarter of 2015. The national economy was still running within proper range, structure adjustment was accelerating and new impetus was growing” wrote China’s National Bureau of  Statistics.

“However, we must be aware that internal and external conditions are complicated and downward pressure for economic development still exists,” China’s National Bureau of Statistics added.

“In the next stage, in accordance with the decisions and arrangements of the Central Party Committee and the State Council, we must deepen reform and opening up, speed up structure adjustment and upgrading, and build the twin engines by encouraging mass entrepreneurship and innovation and increasing public goods and services, so as to lay a solid foundation for a medium to high rate of growth,” China’s National Bureau of Statistics wrote.

-Johnathan Schweitzer

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