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Taiwan’s economy contracts for first time in six years

by ChemOrbis Editorial Team -
  • 30/10/2015 (10:25)
Taiwan’s economy posted its first quarterly contraction since 2009 in the third quarter, according to media reports. The country’s gross domestic product (GDP) shrank 1.01% on the year in the July-September period. The Q3 growth rate fell below Bloomberg economists’ estimates, which called for a 0.5% decrease in GDP.

The Taiwanese economy was dragged down weaker exports stemming from lower demand from China, which is the country’s main export destination. According to some economists, slowing global demand also started to weigh down domestic demand and this weakened consumer confidence and the employment rate. Recent data shows that Taiwan’s exports slumped 13.86% in the third quarter.
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