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Taiwan’s economy returns to growth in second quarter, pulling out of recession after 1.45 per cent GDP growth
- Taiwan’s gross domestic product (GDP) expanded by a preliminary 1.45 per cent in the second quarter, up from a 2.87 per cent fall in the first quarter
- The government said in May it expects full-year growth in 2023 of 2.04 per cent, the slowest pace in nearly eight years and lower than 2.45 per cent growth in 2022
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Taiwan’s export-dependent economy returned to growth in the second quarter, helped by resilient domestic consumption, while exports remained weak as a result of flagging demand for the island’s technology products amid global economic challenges.
Gross domestic product (GDP) expanded by a preliminary 1.45 per cent in the April-June period versus a year earlier, the statistics agency said on Friday, beating the 0.8 per cent growth forecast in a Reuters poll.
Quarter-on-quarter, the economy expanded at a seasonally adjusted annual rate of 7.02 per cent.
GDP in the first quarter had fallen 2.87 per cent from a year earlier, with the economy slipping into recession.
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Taiwan’s exports fell more than expected in June, slumping the most in nearly 14 years, with the government predicting that a return to growth may not occur until November.
Second-quarter exports dropped by 16.9 per cent compared with the same period last year, an improvement on the first quarter’s annual contraction of 19.2 per cent.
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The government said in May it expects full-year growth in 2023 of 2.04 per cent, the slowest pace in nearly eight years and lower than 2.45 per cent growth in 2022.
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