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Macroeconomic outlook report: China

Third quarter of 2019

During the third quarter of 2019, Chinese GDP decelerated its year-over-year growth rate with respect to the previous quarter, standing at 6.00%. Regarding inflation, CPI registered a year-over-year growth rate of 2.87%, which was 0.23 p.p. higher than the rate recorded in the previous quarter. In the labor market, the unemployment rate remained constant, standing at 3.61% rate. Finally, the Chinese Renminbi experienced a depreciation of 0.23 RMB/$ against the dollar during the third quarter of 2019, reaching a rate of 7,06 RMB/$.

Macroeconomic overview

  • Chinese GDP y/y growth rate slowed by 0.20 p.p. with respect to 3Q19, standing at  6.00% during 3Q19.
  • On the domestic front, Chinese authorities have taken steps in response to the growth slowdown amid the unsettled trade war with the US, by unveiling a number of monetary and fiscal measures to stimulate domestic demand.
  • During the third quarter of 2019, the unemployment rate remained constant when compared to 2Q19, standing at 3.61% rate.
  • The RMB depreciated against the US dollar during the 3Q19, reaching an average exchange rate of 7.06 RMB/$, which represented a depreciation of 0.23 RMB per dollar (+3.37%) when compared to the previous quarter.
  • Regarding inflation, the CPI growth registered a speeding up of 0.23 p.p. when compared to the previous quarter, reaching a growth rate of 2.87% during 3Q19.

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© GMS Management Solutions, S.L., 2020. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.