Business News
Taiwan economic growth slows to 1.9 per cent
Jan 31, 2012, 9:19 GMT
Taipei - Taiwan's economic growth slowed in the fourth quarter to 1.9 per cent year-on-year on a large drop-off in exports, the government said Tuesday.
The figure for gross domestic product (GDP) represented a reduction from the 3.42-per-cent rise posted in the third quarter as growth in exports, which account for about two-thirds of Taiwan's economic activity, fell to 0.32 per cent in the fourth quarter from the same three months of 2010.
Export growth had been 8 per cent in last year's first quarter before the global economy weakened. The eurozone's sovereign debt crisis has reduced demand and hit exporters across Asia.
Growth in Taiwan's gross domestic product for all of 2011 stood at 4.03 per cent, 0.48 percentage points lower than the government had forecast.
Government economists have revised their forecast for 2012 downwards to a growth rate of 3.91 per cent.
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