Taiwan's trade-dependent economy unexpectedly contracted in the fourth quarter, putting in its worst performance in 13 years, hit by a drop in exports on slowing global tech demand and COVID-related chaos in its largest market China.
For the October-December period, annual gross domestic product contracted by 0.86% from the same period a year earlier, compared with 4.01% growth for the previous quarter, preliminary data from the statistics agency showed on Wednesday.
Compared with the previous quarter, Taiwan's economy contracted 4.24% at a seasonally adjusted annual rate. For all of 2022, the economy expanded a preliminary 2.43%, compared to 6.53% logged for 2021. That was slightly slower than last year's, which was hit hard by stringent COVID curbs and a property market slump.
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