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China's GDP growth slows to 6%, Industrial Production betters estimates


Friday, 18 October 2019 09:26 WIB

GDP Chinaekonomi ChinaPDB Cina


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China's economy slowed sharply in the third quarter, courtesy of the trade tensions with the US, the official data released at 02:00 GMT showed.

The annualised third quarter gross domestic product (GDP) came in at 6%, missing the forecasted print of 6.1% and down from the preceding quarter's GDP of 6.2%.

However, the Industrial Production rose 5.8% year-on-year in September, beating the forecasted figure of 5% by a big margin. The preceding month's figure has been left unrevised at 4.4%.

Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September, as expected.

The AUD/USD pair is holding on to gains despite the dismal GDP reading, possibly due to the bigger-than-expected rebound in the Industrial Production.

Source : FXstreet


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