周度经济观察：名义GDP下行有望趋缓-20251021

Economic Overview - In Q3, the actual GDP growth rate was 4.8% year-on-year, while the nominal GDP growth rate was 3.7%, reflecting a decline of 0.4 and 0.2 percentage points from Q2 respectively[4] - The decline in nominal GDP growth is expected to slow down due to the implementation of "anti-involution" policies and self-adjustments in the economy, which may help stabilize price levels[4][20] Industrial Performance - The industrial added value for large-scale enterprises in Q3 grew by 5.8% year-on-year, a decrease of 0.4 percentage points from Q2[6] - In September, the industrial added value increased by 6.5% year-on-year, a significant rise of 1.3 percentage points from August, indicating a recovery in industrial production[7] Investment Trends - Fixed asset investment in Q3 saw a significant decline of 6.6% year-on-year, a drop of 8.4 percentage points from Q2, with infrastructure, manufacturing, and real estate investments contracting broadly[11] - In September, real estate investment decreased by 21.3% year-on-year, while new construction area growth was -14.4%, indicating ongoing liquidity pressures in the real estate sector[15] Consumer Behavior - The nominal growth rate of retail sales of consumer goods in Q3 was 3.4%, a substantial drop of 2 percentage points from Q2, with September's growth at 3.0%, down 0.4 percentage points from August[18] - Consumer spending remains weak, influenced by low expectations regarding income and housing prices, suggesting a prolonged recovery process for consumption[18] Market Outlook - The equity market is experiencing adjustments and sector rotations primarily due to the impact of China-U.S. trade tensions, although this is expected to be short-term[21] - The International Monetary Fund (IMF) has raised its global economic growth forecast for 2025 to 3.2%, up by 0.2 percentage points from previous estimates, driven by better-than-expected adjustments in the private sector and productivity gains from AI technology[27]