Taiwans Economic Growth Falls to Threeyear Low

Taiwan's Economic Growth Falls to Three-year Low

For 2013, projected growth is 3.6% percent, on the back of growing overseas demand for the island's signature electronics and telecom products.

TAIPEI -- Taiwan's economy grew 1.3% in 2012, its slowest pace in three years owing to shrinking exports, the government said Friday.

The figures mark the worst performance since a 1.8% contraction in 2009 when the economy was buffeted by the global financial crisis, the Directorate General of Budget, Accounting and Statistics said.

It compared with a preliminary estimate of 1.2% made last month and 1.1% made in November, on better-than-expected foreign trade and domestic spending, the directorate said.

Fourth quarter growth came in at 3.7%, also up from January's prediction of 3.4% and November's 3% estimate.

For 2013, the agency projected growth of 3.6% percent, on the back of growing overseas demand for the island's signature electronics and telecom products.

"It will help maintain our export momentum amid improving outlook for our major trade partners the United States, China, Japan and Southeast Asian countries," the statement said.

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.

Copyright Agence France-Presse, 2013

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