China Q3 economic growth slows to 7.3% on yr; 9-month avg at 7.4%

SINGAPORE (ICIS)–China’s economy expanded at a slower annual pace of 7.3% in the third quarter, compared with the 7.5% increase posted in the previous three months, according to official data released on Tuesday.

On a quarter-on-quarter basis, the world’s second biggest economy posted a 1.9% growth.

In the first nine months of 2014, China’s GDP growth averaged 7.4%, lower than the official full-year target of 7.5%, data from the country’s National Bureau of Statistics (NBS) showed.

Industrial value-added in January-September 2014 grew 8.5% year on year, with manufacturing posting a 9.6% growth.

China’s ethylene (C2) output in the first nine months of the year was at 12.9m tonnes, up 7.5% from the previous corresponding period, NBS data showed.

Its crude processing volumes grew 4.2% to 369.7m tonnes over the same period.

Meanwhile, the country’s sulfuric acid and caustic soda production in January-September 2014 increased by 6.1% to 65.4m tonnes and by 10% to 23.7m tonnes, respectively, according to official statistics.

China’s overall exports in the first nine months of the year rose by 5.1% to $1,697bn, while imports were up by 1.3% at $1,466bn, according to the NBS.

“As a general view, China’s economy in the first three quarters has maintained overall stable and moderate growth trend,” the NBS said in a statement.

“However, given the complicated domestic and international economic environment, the country’s economy still faces many challenges,” it said.

China is a major importer of petrochemicals in Asia, with end-products mostly exported.

Read John Richardson and Malini Hariharan’s blog – Asian Chemical Connections