Sun, 25 Aug 2019

China records worst GDP result in nine years

Conor Trindle
19 Oct 2018, 12:48 GMT+10

BEIJING, China - The economy of the biggest populated country in the world reported on Friday that its economy is slowing.

Despite releasing its worst quarterly GDP result in 9 years, China's economy is still growing at a rate most countries would kill for.

In the third quarter, China's gross domestic product, according to the country's National Statistics Bureau, grew by an annual rate of 6.5%. The figure was less than expected, and the lowest since 2009, which coincided with the Global Financial Crisis..

A trade war with the United States has been partially blamed for China's slowing economy, however there are othert factors at work as well. Standard and Poor's this week lowered the country's sovereign debt rating by one notch, citing serious concerns with hidden municipality debt running into the trillions of dollars.

Stocks were weak in Asia on Friday, not helped by the GDP figures from China. Nor by overnight losses on Wall Street.

Chinese equities were only slightly lower. In afternoon trading in Shanghai, the Shanghai Composite index was down 11.04 points or 0.44% to 2,476.14

In the U.S., the Dow Jones industrials were down 327.23 points or 1.27% at 25,379.45.

The Standard and Poor's 500 declined 40.43 points or 1.44% to 2,768.78.

The Nasdaq Composite lost 157.56 points or 2.06% to 7,485.15.

In fofreign exchange markets on Friday the dollar picked up slightly, adding to its gains of Thursday.

The euro rose to 1.1459 in afternoon trading in Sydney on Friday.

The British pound eased to 1.3021.

The Japanese yen edged down to 112.36, while the Swiss franc was changing hands at 0.9970.

The Canadian dollar dipped to 1.3068, the Australian dollar to 0.7099, ansd the New Zealand dollar to 0.6549.

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