(Yicai) Oct. 20 -- China’s economy grew 4.8 percent in the third quarter from a year ago to CNY35.5 trillion (USD5 trillion), despite a range of adverse internal and external factors, data released by the National Bureau of Statistics showed.

Growth in the three months ended Sept. 31 slowed from 5.2 percent in the second quarter and 5.4 percent in the first quarter.

Third-quarter growth slowed by 0.4 percentage point from the previous quarter, mainly due to a complex and challenging global environment and significant pressure from domestic structural adjustments, an NBS spokesperson said at a press briefing today.

Despite these headwinds, China’s economy maintained steady progress, with gross domestic product rising 5.2 percent in the first three quarters, 0.4 point higher than a year ago, laying a solid foundation for meeting the government’s full-year target, according to the NBS.

The government has set a growth target of “around 5 percent” for this year. The average forecast for annual growth made by 16 China-based chief economists in a recent Yicai survey was for 4.8 percent, a little under last year’s 5 percent.

Since the start of the third quarter, some countries have abused import tariffs to disrupt global trade, and unilateralism and protectionism have become more prevalent, the spokesperson noted. These developments have increased instability and uncertainty in international trade and investment, making the external environment facing China more complicated, they said.

At the same time, China is undergoing a critical phase of structural transformation, with slower growth in certain industries weighing on the overall expansion, the person added.

The NBS also released key economic figures for September. Industrial production rose 6.5 percent year on year, up 1.3 points from August, with growth in the first three quarters hitting 6.2 percent. Retail sales of consumer goods rose 3 percent to CNY4.2 trillion (USD589.5 billion), down 0.4 point from August, bringing the nine-month expansion to 4.5 percent.

Fixed-asset investment fell 0.5 percent in the nine months from a year ago to CNY37.2 trillion (USD5.2 trillion), mainly due to lower real estate investment. Excluding that, the growth rate was 3 percent.

During the same period, China’s per capita disposable income rose 5.1 percent to CNY32,509 (USD4,563), or 5.2 percent after adjusting for inflation. Urban unemployment stood at 5.2 percent, up 0.1 point from a year ago, the data showed.

Editors: Dou Shicong, Emmi Laine