Taiwan’s economy contracted for the first time in six years in the three months ended September, preliminary figures from the Department of Statistics, Directorate General of Budget, Accounting & Statistics showed Thursday.
Gross domestic product fell 1.01 percent year-over-year in the third quarter, reversing 0.52 percent gain in the previous quarter. Economists had expected a 0.5 percent decrease for the month.
On the demand side, real gross capital formation contracted 1.2 percent annually in the September quarter, mainly due to a decrease in inventory, offsetting an increase in machine and equipment expenditure.
Exports of goods and services dipped 2.85 percent and imports went down by 1.47 percent
On the production side, manufacturing sector negatively contributed by 3.10 percent in the third quarter from last year, largely due due to the fall in output of electronic parts and components p
GDP recovered and edged up 0.21 percent on a quarter-on-quarter annualized basis in the three-month period to September, following a 6.56 percent decline in the preceding quarter.
The material has been provided by InstaForex Company – www.instaforex.com