BIS reports US economy adds nearly $1.6tn in September: bpl
BEIJING — The U.S. economy added $1,626 billion in September, the U.N. Economic Commission for Asia and the Pacific reported on Friday, with consumer spending rising and the economy expanding as expected.
In September, GDP grew at an annualized rate of 2.2%, which is better than the 2.1% pace for the previous three months.
Economists polled by Bloomberg had expected a contraction.
The last time a recession occurred in China in the first quarter of 2018 was a four-year stretch in 2001-2002.
The U.C.I.P. said the economy grew at a pace of 1.9% in September.
It was the biggest monthly increase in more than five years.
China’s economy shrank by 0.4% in the third quarter, its weakest quarter in two years, as it struggled to stem a wave of pollution linked to the country’s heavy reliance on coal.
That was a surprise to analysts who expected it to continue slowing.
The International Monetary Fund has raised its outlook for China’s growth to “stable,” but the country is still facing challenges such as a slowing growth in China’s service sector and the impact of global economic uncertainty.
The economy is expected to expand by 3.4%-4.6% in 2018 from the previous forecast of 2%.
The central bank’s economic outlook is unchanged from last month.