Taiwan logs slowest growth since 2009
(01-31 11:05)
Taiwan's economy grew 1.25 percent in 2012, its slowest pace in three years owing to shrinking exports, preliminary official figures showed Thursday.
The figures mark the worst performance since a 1.81 percent contraction in 2009 when the economy was buffeted by the global financial crisis, the Directorate General of Budget, Accounting and Statistics said, AFP reports.
However, it was higher than the 1.13 percent forecast made in November, with foreign trade and domestic spending picking up towards the end of the year, the directorate said in a statement.
Fourth quarter growth came it at 3.42 percent, up from November's forecast of 2.97 percent.
For 2013, the agency projected growth of 3.53 percent as the global outlook improves and overseas demand for the island's signature electronics and telecom products picks up.
Taiwan's trade-dependent economy shrank in the second quarter of 2012 for the first time in nearly three years, while its exports shrank for six consecutive months from March to August.
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