Taiwan Q4 GDP unexpectedly shrinks, worst performance in 13 years

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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. | Reuters

“External demand has weakened significantly,” the Directorate General of Budget, Accounting and Statistics said, pointing to global inflation and interest rate rises suppressing demand and “the deterioration of the pandemic in mainland China interfering with consumption and production activities”.

Taiwan’s total fourth-quarter exports dropped 8.63 percent from a year earlier in U.S. dollar terms, the agency said.

 

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