China's third quarter GDP grows less than projected, with fossil fuel shortage slowing industry
Country's National Bureau of Statistics reported Monday that China GDP grew 4.9% in the third quarter from year ago
China’s Gross Domestic Product grew less than expected in the third quarter — with a power shortage significantly impacting the country's industrial activity significantly and the world's second-largest economy.
The country's National Bureau of Statistics reported Monday that China GDP grew 4.9% in the third quarter from a year ago, according to CNBC.
The number missed expectations for a 5.2% expansion, according to analysts polled by Reuters.
In addition, industrial production increased by 3.1% in September, below the 4.5% expected by Reuters.
Many factories had to stop production in late September as a surge in the price of coal and a shortage of electricity resulted in local authorities abruptly cutting off power, CNBC also reports.
Fu Linghui, spokesperson for the National Bureau of Statistics, said the power shortage had a "certain impact" on normal production. He also said the economic impact "is controllable."