BEIJING – China's gross domestic product (GDP) grew 5.2 percent year on year in the first three quarters of 2023, data from the National Bureau of Statistics (NBS) showed on Wednesday.

China's GDP reached more than 91.3 trillion yuan (about $12.7 trillion) in the first three quarters, the NBS data showed.

In the third quarter, the country's GDP expanded 4.9 percent year on year, according to the NBS. 

Industrial output

China's value-added industrial output went up 4 percent year on year in the first three quarters of this year, which can be attributed to the accelerating recovery of the country's industrial production.

The growth was 0.2 percentage points faster than that in the first half of this year, according to the NBS.

In September alone, industrial output rose 4.5 percent year on year. The growth was the same from August, and 0.8 percentage points faster than July.

Among the three major sectors – manufacturing, mining and the production and supply of utilities, the manufacturing sector's output showed the fastest growth, climbing 4.4 percent year on year in the first three quarters.

Equipment manufacturing logged outstanding expansion in the manufacturing sector, with its output up 6 percent year on year in the first nine months, 2 percentage points higher than the overall output growth of major industrial enterprises.

The purchasing managers' index for China's manufacturing sector came in at 50.2 percent in September, bouncing back to the expansion zone, and up 0.5 percentage points from August, earlier data indicated.

Fixed-asset investment 

Fixed-asset investment reached about 37.5 trillion yuan (about $5.22 trillion) in the first three quarters of 2023, up 3.1 percent year on year, according to the data.

During the period, fixed-asset investment in the manufacturing sector rose 6.2 percent year on year, 0.3 percentage points higher than the growth rate registered in the first eight months, according to the data.

Fixed asset investment from the private sector stood at around 19.34 trillion yuan, down 0.6 percent year on year, the data showed.

Investment in infrastructure construction increased 6.2 percent from the same period last year, while investment in the mining sector grew 1.6 percent.

READ MORE: World Bank revises up China's growth to 5.6%

The country's eastern region led fixed-asset investment growth by registering a 5.4 percent rise year on year during the period, while the central, western and northeastern parts of the country saw fixed-asset investment decrease by 0.9 percent, 0.4 percent, and 2.7 percent, respectively, the data showed.

Fixed-asset investment stemming from foreign firms grew 1.7 percent year on year in the first three quarters, compared to the 3.3 percent growth recorded for domestic enterprises, the data showed.

In September alone, fixed-asset investment grew 0.15 percent compared to the previous month, the data showed.

Retail sales 

The retail sales of consumer goods, a major gauge of consumption strength, went up 6.8 percent year on year in the first nine months, NBS data showed.

Total retail sales of consumer goods stood at around 34.21 trillion yuan (about $4.77 trillion) in this period. In September alone, retail sales rose 5.5 percent year on year, according to the NBS.

China's consumption rebounded and recovered in the first three quarters of 2023 with the economy back on track and a raft of pro-consumption policies having taken effect, Sheng Laiyun, deputy head of the NBS, said at a press conference.

Consumption contributed 83.2 percent to China's economic growth in the first three quarters of the year, Sheng said, highlighting that consumer spending on services had registered a rapid increase and provided an important underpinning for growth.

In the first three quarters, retail sales of services surged 18.9 percent year on year, the data confirmed.

NBS data showed that retail of goods rose 5.5 percent from a year ago in the period, while the revenue of the catering sector increased by 18.7 percent year on year.

The trend of consumption upgrading continued in this period. Retail sales of gold, silver and jewelry, as well as that of sports and recreational goods, increased by 12.2 percent and 8.3 percent year on year, respectively, in the first nine months.

Online retail sales jumped 11.6 percent year on year to 10.82 trillion yuan. In particular, retail sales of physical goods rose 8.9 percent year on year, accounting for 26.4 percent of the total retail sales of consumer goods.

Property investment 

China's investment in property development continued to cool in the first three quarters of 2023, down 9.1 percent year on year, NBS data showed Wednesday.

Commercial housing sales shrank 7.5 percent year on year in terms of floor area to 848.06 million square meters. In terms of value, commercial housing sales dropped 4.6 percent year on year to 8.9 trillion yuan (about $1.2 trillion).

Resident nominal disposable income 

China's per capita disposable income stood at 29,398 yuan (about $4,094.71) in the first three quarters of 2023, up 6.3 percent year on year in nominal terms, NBS data showed Wednesday.

A staff member works on an assembly line at a farm machinery manufacturing company in Jining City, east China's Shandong province, Feb 15, 2022. (PHOTO / XINHUA)

Industrial capacity utilization rate

China's industrial capacity utilization rate came in at 75.6 percent in the third quarter (Q3) of 2023, up 1.1 percentage points compared to the rate registered in the second quarter of this year, showed the NBS data.

Among three major industry classifications, the mining sector's utilization rate came in at 75.4 percent in Q3 and the rate for the manufacturing sector stood at 75.8 percent. Meanwhile, the utilization rate of the sector responsible for production and supply of electricity, heat, gas and water stood at 74.2 percent during this period, the data revealed.

In terms of major industries, coal mining and beneficiation, food manufacturing, as well as textiles reported rates of 73.8 percent, 71.1 percent, and 76.9 percent, respectively.

ALSO READ: China's growth against odds raises world's hopes

Other sectors including general equipment manufacturing, automotive manufacturing, as well as computers, information and other electronic equipment recorded rates of 78.7 percent, 75.6 percent, and 76.5 percent, respectively, according to the data.

Industrial capacity utilization refers to the ratio of actual output to production capacity. The government's statistical authorities release utilization rate data based on surveys covering around 110,000 enterprises across the country. The data is released on a quarterly basis.