China's economic growth tumbled more than expected in the third quarter, official data showed Monday as property industry struggled with tighter policy measures and an energy crisis loomed.
After a rapid coronavirus bounce back, recovery in the world's second biggest economy is losing steam, with gross domestic product growth coming in at 4.9 percent on-year, said the National Bureau of Statistics NBS citing an unstable and uneven domestic rebound.
The latest figure disappointed expectations of 5.0 percent growth predicted by analysts polled by AFP, and was a sharp three percentage points down from the 7.9 percent expansion in the March to June period.
We must note that current international environment uncertainties are mounting and the domestic economic recovery is still uneven and unstable, said the NBS in a statement on Monday.
Industrial production growth slowed further to 3.1 percent on-year in September.
Economists believe China's growth slowdown is likely due to tightening policy this year in key areas including property sectors and a drive to reduce emissions.
But retail sales picked up to 4.4 percent - - markedly improving from 2.5 percent in August - with fewer virus containment measures in the country, which has swift local lockdowns over a handful of cases.
The urban unemployment rate was 4.9 percent in June.