Gross domestic product in China, the world’s second-largest economy, grew by 4.8% year-on-year in the third quarter of this year, ending in September, according to data released by the National Bureau of Statistics on Monday morning, October 20. This compares to a 5.2% growth in the second quarter, exceeding market expectations of 4.7%. The Chinese economy remains on track to achieve its 5% target for the year, even after recording its weakest growth pace in a year.

The unemployment rate fell 0.1% to 5.2% in September, matching expectations. Retail sales rose 3% year-on-year in September, compared to a 3.4% growth in May, matching expectations. Home appliance sales rose modestly by 3.3%, reflecting a decline in support from the consumer goods program.

China’s industrial production grew by about 6.5% year-on-year in September, compared to 5.2% in August, exceeding expectations of 5%.

Fixed-asset investment, meanwhile, unexpectedly fell to 0.5% in the first nine months, defying expectations of a 0.1% growth, impacted by slower infrastructure and manufacturing spending. Real estate investment continued its decline, falling 13.9% year-to-date through September following a 12.9% decline in August.