Taiwan Q4 GDP plunges to lowest in 13 years

Robert Besser
23 Jan 2023, 18:42 GMT+10

Highlighting its worst performance in 13 years, Taiwan's trade-dependent economy contracted in the fourth quarter
It was affected by declining exports on slowing global tech demand, the war in Ukraine and China's pandemic problems
For the October-December period, annual gross domestic product contracted by 0.86 percent from the same period one year earlier

TAIPEI, Taiwan: Highlighting its worst performance in 13 years, Taiwan's trade-dependent economy contracted in the fourth quarter, affected by declining exports on slowing global tech demand, the war in Ukraine and China's pandemic problems.

For the October-December period, annual gross domestic product contracted by 0.86 percent from the same period one year earlier, compared with 4.01 percent growth for the previous quarter, preliminary data from the statistics agency reported.

That was worse than an increase of 1.3 percent forecast in a Reuters poll, and the worst quarterly performance since the economy contracted 1.13 percent in the third quarter of 2009, when the world was caught in a financial crisis.

Compared with the previous quarter, Taiwan's economy contracted 4.24 percent at a seasonally adjusted annual rate.

"External demand has weakened significantly," the Directorate General of Budget, Accounting and Statistics said, pointing to global inflation and interest rate increases suppressing demand and "the deterioration of the pandemic in mainland China interfering with consumption and production activities".

Taiwan's total fourth-quarter exports dropped 8.63 percent from in year earlier in U.S. dollars, the agency said.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Afghanistan Sun.

More Information

null in null

International

Section

Philippines hands over four more military bases to US

MANILA, Philippines: The Philippines has granted the United States four more locations to open military bases, U.S. Defense Secretary Lloyd ...

While friends and foes rush to Syria's aid, U.S. refuses to help

WASHINGTON, DC - The global community has extended aid to Turkey and Syria following the devastating earthquakes that hit the ...

US Congress wants information on Russians hacking nuclear computers

WASHINGTON D.C.: US lawmakers have called on the Department of Energy to release documents detailing attempts by Russian hackers to ...

Death toll from deadly earthquake in Turkey and Syria continues to mount

Photo credit: Ercin Erturk / Anadolu AgencyThe death toll from Monday's massive 7.8 magnitude earthquake in Turkey and Syria has ...

Republicans in Congress to impeach border official due to migrants

WASHINGTON D.C.: In a sign of future political battles over record numbers of illegal crossings under Democratic President Joe Biden, ...

US woman sentenced to 13 days in jail after protesting on Red Square

MOSCOW, Russia: Russian state-run TASS news agency has reported that a US woman was detained and fined by a Russian ...

Central Asia

Section