China's economy grew by 4.8 percent year on year in the first three quarters of 2024, with September's industrial output and retail sales beating forecasts, data from the National Bureau of Statistics (NBS) showed on Friday.

The world's second-largest economy grew by 4.6 percent in July-September, down from the second quarter's 4.7 percent but slightly above the 4.5 percent expectation in a Reuters poll.

The country's value-added industrial output rose by 5.8 percent year on year in the first three quarters. The contribution rate of industrial output to economic growth was almost 40 percent from January to September. In September, industrial output increased by 5.4 percent compared to a year ago, which was 0.9 percentage points faster than the previous month.

In terms of the consumer market, retail sales of consumer goods rose by 3.3 percent year on year to reach 35.36 trillion yuan ($4.98 trillion) in the first three quarters. Pro-consumption policies have played a significant role in unleashing domestic demand, according to the NBS.

"Based on our comprehensive assessment, the economy in the fourth quarter is expected to continue the stabilization and recovery trend that occurred in September. We are fully confident in achieving the full-year target," said Sheng Laiyun, deputy head of the NBS.