in the first three quarters of this year, china's gdp grew by 9.8% year on year. despite a complex and challenging international environment, as well as multiple challenges such as the epidemic and flood disasters, china's economy continued to recover and grow.
since the beginning of this year, the overall quarterly growth of china's economy has shown a trend of "high before and low after". the pace was within expectations and the 9.8 percent year-on-year growth in the first three quarters was higher than the target of more than 6 percent set at the beginning of the year. in terms of quarters, the year-on-year growth in the first quarter was 18.3%, and the two-year average growth was 5%. year-on-year growth of 7.9% in the second quarter, the two-year average growth of 5.5%; the year-on-year growth in the third quarter was 4.9 percent, with a two-year average growth of 4.9 percent. in the third quarter of this year, gdp growth slowed down, on the one hand due to a higher base last year, on the other hand due to multiple factors such as repeated global epidemics, rising commodity prices, tight international shipping, labor shortages and supply shortages of key components. the global economic recovery has slowed down since the third quarter of this year. some regions in china have been hit by periodic factors such as the epidemic and flood, and the pressure of economic transformation and adjustment has emerged.
in terms of growth rate, we should look more at the structure of growth and more at the quality of aggregate output. at present, china's industrial structure continues to improve, the demand structure continues to improve, new drivers of growth accelerated, and new progress has been made in high-quality development. in the first three quarters of this year, the output of new energy vehicles, industrial robots and integrated circuits increased by 172.5 percent, 57.8 percent and 43.1 percent, respectively, with an average growth rate of more than 28 percent in both years. major scientific and technological achievements in manned spaceflight, deep-sea exploration and quantum technology have been reported frequently, and the biomedical industries such as vaccines and innovative drugs are growing rapidly.
accelerating the building of a new development pattern is a strategic measure taken by china to seize the initiative in future development. in the first three quarters of this year, china's economic performance continued to expand domestic demand as the strategic basis, while deepening reform and opening up, unimpeded internal and external economic cycles, and further strengthened the resilience of development. in the first three quarters, final consumer spending contributed 64.8% to economic growth, 15.6% to total capital formation, and 19.5% to net exports of goods and services.
we need to be aware that the current situation at home and abroad is grim and complex, china's economic recovery is still unstable and uneven, and there are increasing challenges in maintaining stable economic performance. while strengthening confidence in development, we still need to make strenuous efforts to further consolidate the foundation for sustained and steady economic development. in accordance with the decisions and plans of the cpc central committee, we need to implement cross-cycle adjustment of macro policies, take the initiative, keep the economy operating within an appropriate range, and strive to achieve all targets and tasks for economic and social development for the year.
source: state-owned assets and administration commission of the state council