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 Asia Pacific Star.

More Information

25 ℃

Mostly Cloudy in Seletar

Asia

Section

Czech parliament speaks repeats support for Taiwan

PRAGUE, Czech Republic: Ahead of her visit to Taipei, Marketa Pekarova Adamova, Speaker of the Czech Lower House, reiterated to ...

Washington ends export licenses for supplying China's Huawei

WASHINGTON D.C.: The Biden administration has stopped issuing export licenses to US companies seeking to ship most items to China's ...

Gen. Hlaing tells the NDSC military needs more time to prepare for a 'free' poll

NAYPYITAW, Myanmar - According to an announcement broadcast by state-run media on Wednesday evening, members of Myanmar's National Defence and ...

Imran doesn't recognize "imported govt" as PM Sharif invites him to APC

LAHORE, Pakistan - Former Prime Minister Imran Khan questioned Prime Minister Shehbaz Sharif's "shamelessness" in a social media post criticizing ...

NATO, Japan look to closer tires due to China, Russia concerns

TOKYO, Japan: In light of a tense security environment following Russia's invasion of Ukraine and Moscow's growing military cooperation with ...

China to allow return of Japanese tourists following retaliatory ban

TOKYO, Japan: In a statement posted on the website of the Chinese Embassy in Tokyo, Beijing announced that it will ...

Business

Section