CBN丨China‘s Q3 GDP growth hits 1-year low amid energy crisis and supply bottleneck

China’s GDP in the third quarter reported a lower-than-expected 4.9 percent year-on-year growth yesterday. It was much lower than the 7.9 percent growth rate for the second quarter and the 12.7 percent growth for the first half of the year. Impacted by the power crunch, industrial production growth slumped to 3.1 percent year on year in September from 5.3 percent in August, marking the slowest growth since March 2020. A closer look at industrial production in the first three quarters shows that the value-added of high-tech manufacturing went up by 20.1 percent, driven by a 172.5 percent surge in the production of new-energy automobiles.