World’s second-largest economy grows 4.6 percent in third quarter amid weak consumer demand and property woes.

China’s economy slowed in the third quarter, growing at the slowest pace in a year and a half, according to government figures.

The world’s second-largest economy grew 4.6 percent year on year in the July-September period, China’s National Bureau of Statistics said on Friday, compared with a 4.7 percent expansion in the previous quarter.

The figure was the weakest performance since early 2023, when China was emerging from ultra-strict “zero-COVID” pandemic restrictions.

“Generally speaking, the national economy was generally stable with steady progress in the first three quarters, and the effects of policies continued to manifest with major indicators showing positive changes recently,” the National Bureau of Statistics said in a statement.

“However, we should be aware that the external environment is increasingly complicated and severe, and the foundation for sound economic recovery and growth still needs to be strengthened.”

Beijing has in recent weeks announced a series of measures to jolt the economy, which has been dragged down by weak consumer confidence and a prolonged property market slump, including lowering mortgage rates and giving banks greater leeway to give out loans.

The policy moves, however, have largely failed to impress investors and market analysts who have stressed the need for major stimulus to jumpstart growth.

Beijing has set a growth target for 2024 of about 5 percent, which market analysts widely believe is unlikely to be met without major stimulus.

China’s economy grew an average 4.8 percent during the first three quarters of the year, meaning it would need to expand far above 5 percent in the final quarter to hit its target.