China’s Economic Growth Rattled by Energy and Real Estate Troubles
The world’s second largest economy has run into a Great Wall.
China’s National Bureau of Statistics announced Monday that the country’s GDP grew a weaker-than-expected 4.9% in the third quarter of 2021, compared to the second quarter of 2020. That’s way down from the 7.9% growth in the three months ending in June. On a quarter-to-quarter basis, growth fell to a mere 0.2%, making for one of the weakest quarters in a decade.
Last year, China was the only major economy to grow during the pandemic. This year, it’s been jumping one hurdle after another that’s slowed momentum: manufacturing is stalling due to the (seemingly) neverending global chip shortage and government caps on energy use have cut power to factories and households (oh, yeah, China has an electricity crunch, too).
The construction industry, which supports millions of jobs, is also in a steep slow down….