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Macroeconomic outlook report: China

Fourth quarter of 2019

During the fourth quarter of 2019, Chinese GDP kept constant its year-over-year growth rate with respect to the previous quarter, at 6%. Regarding inflation, CPI registered a year-over-year growth rate of 4.27%, after increasing when compared to the previous quarter. In the labor market, the unemployment rate slightly increased, up to 3.62% rate. Finally, the Chinese Renminbi experienced an appreciation of 0.05 RMB/$ against the dollar during the fourth quarter of 2019, reaching a rate of 7.01 RMB/$.

Macroeconomic overview

  • Chinese GDP y/y growth rate remained constant with respect to 3Q19, registering 6% rate during 4Q19.
  • On the domestic front, Chinese authorities have stimulated monetary and fiscal measures and the country benefited from the increasing stability resulting from the phase-one agreement with the USA, which eased the trade tensions.
  • During the fourth quarter of 2019, the unemployment rate increased 0.01 p.p when compared to 3Q19, standing at 3.62% rate.
  • The RMB appreciated against the US dollar during the 4Q19, reaching an average exchange rate of 7.01 RMB/$, which represented an appreciation of 0.05 RMB per dollar (-0.007%) when compared to the previous quarter.
  • Regarding inflation, the CPI growth rate increased 1.40 p.p. when compared to the previous quarter, reaching a growth rate of 4.27% during 4Q19.

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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.