China’s Q3 GDP Exceeds Forecasts, Driven by Exports Amid Domestic Weakness
| Pair | Now | Since publish |
|---|---|---|
| AUDUSD | — | — |
| NZDUSD | — | — |
| USDCNH | — | — |
- China’s Q3 GDP grew 4.5%, surpassing expectations.
- Growth was export-driven, despite weak domestic demand and property investment.
- AUD and NZD saw modest support from the data.
China’s Gross Domestic Product (GDP) expanded by 4.5% year-on-year in the third quarter, accelerating from 4.3% in the prior quarter and exceeding market forecasts of 4.4%. This performance, driven significantly by strong exports and a 5.5% rise in industrial production, positions the economy to meet the government’s 4.5%-5% full-year growth target without immediate additional stimulus measures. Despite the headline beat, underlying domestic demand remains subdued, with consumer spending lagging and property investment declining by 20.6%. September’s retail sales did show an improvement, growing 1.1% year-on-year. The data offered modest support to the Australian Dollar (AUD) and New Zealand Dollar (NZD), alongside broader Asian risk sentiment.