China’s hard landing has arrived. Here is some more texture from yesterday’s poor figures. First, Nordea:
China’s GDP growth slowed more than expected to 0.2% q/q and 4.9% y/y in July-September. Despite the weak numbers in Q3, the base effect implied that China’s GDP was up by 9.8% y/y in the first nine months of the year and the country is well on track in meeting the official 6% growth target in 2021. However, the reasons behind the weak development are not expected to disappear any time soon and there are a lot of downside risks to the growth forecasts for 2022.
China’s Q3 numbers in a nutshell:
