July-September GDP - both US and China slow down significantly

Recently NHK News on-line reported the following:

7～9月のGDP アメリカや中国も伸び率が大幅に鈍る

2021年11月15日 0時12分

すでに、ことし7月から9月までのGDPを発表しているアメリカや中国は前の3か月と比べた伸び率が大幅に鈍っていて、サプライチェーン＝供給網の混乱や、物価の上昇による景気減速が懸念されています。

アメリカの7月から9月までのGDPは、物価の影響を除いた実質の伸び率が年率換算でプラス2％でした。

アメリカでは、ことしに入ってから2期連続で6％を超える高い伸びとなっていましたが、変異ウイルスの感染拡大や、それに伴うサプライチェーンの混乱で回復のペースが大きく鈍る結果となりました。

また、内閣府によりますと、中国の7月から9月までのGDPも、年率換算でプラス0.8％と小幅な伸びにとどまりました。

コロナ禍からいち早く抜け出した中国経済は、4月から6月までは年率でプラス4.9％の伸び率となりましたが、この夏は感染の再拡大で個人消費が振るわず、国内での電力供給の制限などで企業の生産も伸び悩みました。

一方、ドイツやフランスなどユーロ圏19か国のことし7月から9月までのGDP=域内総生産は、前の3か月に比べて年率で9.1％伸び、2期連続のプラスとなりました。

ワクチンの普及で個人消費が力強く回復していますが、サプライチェーンの混乱やエネルギー価格の高騰が続けば物価高がさらに進み、景気の回復に水をさしかねないという慎重な見方も出ています。

Translation

The United States and China, which had already announced their GDP from July to September, showed, a significant slowdown in growth compared to the previous three months, and that was caused by the disruption of the supply chain = supply network together with rising prices and had generated concerns about an economic slowdown.

The real growth rate of GDP from July to September in the United States, excluding the effects of prices, was + 2% on an annualized basis.

In the United States, the growth rate had been high at over 6% for the second consecutive term since the beginning of this year, but the pace of recovery slowed significantly due to the spread of mutant virus infection and the accompanying disruption in the supply chain.

Also, according to the Cabinet Office, China's GDP from July to September also grew only modestly at an annualized rate of + 0.8%.

The Chinese economy, which quickly escaped from the Corona disaster, grew at an annual rate of + 4.9% from April to June, but this summer, personal consumption was not strong due to the re-emergence of infection, and domestic electricity supply corporate production was sluggish due to constrains and other factors.

On the other hand, in 19-euro area countries such as Germany and France, GDP = gross regional product from July to September increased by 9.1% annually compared to the previous three months, marking the second consecutive quarter of positive growth.

Private consumption was recovering strongly due to the spread of vaccines, but there were cautious views that if supply chain turmoil and energy prices continued to rise, commodity prices would rise further and could thin out the economy recovery.

So, the United States and China have seen a significant slowdown in growth compared to the previous three months, and that was caused by the supply chain disruption and other factors, causing concerns about an economic slowdown again.