October 23, 2020

Fathom’s Recovery Watch Chart 21.10.2020: China’s economic recovery continues in Q3

by Fathom Consulting.

China reported this week that its economy expanded by 4.9% in Q3 relative to the previous year. While this was a little lower than the consensus estimate, the overall picture remains positive, as the growth rate increased from that reported in Q2, and the composition of growth appeared to be on more solid footing – i.e. driven by demand rather than government-directed investment. Our measure of Chinese economic activity, the CMI 3.0 (blue line in the chart), suggests that annual growth was a more modest 3.4% in September (and 1.8% in Q3 as a whole), although this is still an impressive outturn. This news is positive for global demand, but China’s economic performance is unlikely to be particularly useful for predicting the outturn in other countries, due to: a) structural differences between the Chinese economy and those in other countries, and b) the fact that China seems to have got the virus under control while many other large economies have not.

Refresh this chart in your browser | Edit the chart in Datastream

This chart is taken from Fathom’s Recovery Watch newsletter. Click here to subscribe.

Register for Fathom’s upcoming event: Climate economics and the US election

29 October 2020 – 4:00PM GMT

Trump or Biden – what will this mean for the global climate outlook? Join Fathom and a guest speaker from Refinitiv, for a discussion on the differences between the policies of the two US presidential candidates, with respect to the climate. The event will cover the economic and financial market implications of their climate policies, for the US and the rest of the world.

Subscribe here


Refinitiv Datastream

Financial time series database which allows you to identify and examine trends, generate and test ideas and develop view points on the market.

Refinitiv offers the world’s most comprehensive historical database for numerical macroeconomic and cross-asset financial data which started in the 1950s and has grown into an indispensable resource for financial professionals. Find out more.

Get In Touch


We have updated our Privacy Statement. Before you continue, please read our new Privacy Statement and familiarize yourself with the terms.×