Taiwan Q4 GDP plunges to lowest in 13 years

Mon, 06 Feb 2023

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 Perth Herald.

More Information

27 ℃

Fair in Perth

International Business

Section

Shell Oil reveals record $40 billion profit in 2022

LONDON, England: Energy giant Shell Oil has announced a record profit of nearly $40 billion in 2022, capping an eventful ...

Seeking to stem losses, Intel to cut executive salaries

SANTA CLARA, California: One week after Intel forecasted lower-than-expected sales caused by a loss of market share to rivals and ...

Biden plan seeks to cut credit card fees, charges for apps

WASHINGTON D.C.: As part of a wider policy drive to increase competition in consumer markets, President Joe Biden has announced ...

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 ...

Concerns about recession in Germany after economy shrinks in Q4

FRANKFURT, Germany: Data released this week showed that the German economy unexpectedly shrank in the fourth quarter of 2022, indicating ...

Report says US consumer spending fell in December wh

WASHINGTON D.C.: In the latest indication that its interest rate hikes are slowing the US economy, the Federal Reserve's main ...

Australia

Section

Australian volunteer forms blood bond with Chinese

© Provided by Xinhua TIANJIN, Feb. 6 (Xinhua) -- After finishing a physical examination and giving a blood sample, Peter ...

NaVi, G2 advance to upper-bracket final in IEM Katowice Group A

Natus Vincere and G2 Esports swept their semifinal opponents Sunday to reach the upper-bracket final of Group A at the ...

Albanese's Newspoll ratings drop but Labor maintains big lead

A federal Newspoll, conducted February 1-4 from a sample of 1,512, gave Labor a 55-45 lead, unchanged on the previous ...

Major blaze hits Buddhist temple in Australia

Dozens of firefighters have been deployed to the popular place of worship in MelbourneA Buddhist temple in Melbourne, Australia was ...

Tourists in our own reality: Susan Sontag's Photography at 50

This year marks 50 years since Susan Sontag's essay Photography was published in the New York Review of Books. Slightly ...

You can't fix school refusal with 'tough love' but these steps might help

School attendance levels in Australia are a massive issue according to Education Minister Jason Clare.As he told reporters last week, ...

Movie Review

The Ten Commandments (4K UHD)

Ten Commandments