China’s economic growth weakens amid slowdown in construction.
BEIJING (AP) – China’s economic growth plunged in the last quarter as slowing construction and restrictions on energy use hurt its recovery from the coronavirus pandemic.
Government data shows that the world’s second-largest economy grew 4.9% a year ago in the three months ending in September, down from 7.9% in the previous quarter.
Industrial production, retail sales, and investment in construction and other fixed assets weakened. Construction, an industry that supports millions of jobs, has slowed since regulators tightened control last year on developer loans.
Manufacturing was also hampered in September by power outages imposed by some major provinces to avoid exceeding official efficiency targets.