(Yicai Global) Oct. 19 -- China became the world’s first major economy to recover from the impact of the coronavirus pandemic though the country’s third-quarter gross domestic product grew more slowly than expected.

GDP rose 4.9 percent in the three months ended September from a year earlier, according to data the National Bureau of Statistics released today. That fell short of the average 5.26 percent forecast made by 21 chief economists surveyed by Yicai Global and the 6 percent growth rate chalked up in the same period last year.

Equities traded on mainland stock markets in Shanghai and Shenzhen fell and the yuan weakened in response to the announcement.

Though a little below expectations, third-quarter growth stood in stark contrast to China’s economic performance earlier this year. In the second quarter, the world’s second-largest economy grew just 3.2 percent after contracting 6.8 percent a quarter earlier. That contraction was the first since China began publishing quarterly GDP figures in 1992.

The manufacturing-led recovery that began six months ago as factories reopened after lockdowns were lifted has expanded to consumption.Industrial production rose for a sixth month in a row in September, gaining 6.9 percent, while retail sales jumped a more-than-expected 3.3 percent.

People’s Bank of China Governor Yi Gang said yesterday that the economy will gain about 2 percent this year because the country has brought the coronavirus under control. Economist polled by Yicai predict 2.37 percent, upfrom a June forecast of 2.16 percent.

Over the first three quarters of this year, China’s GDP rose 0.7 percent to CNY72.28 trillion (USD10.8 trillion), the NBS said.The figure was USD14.3 trillion for the whole of last year.

Editor: Emmi Laine