Taiwan’s economy shrank slightly in the second quarter, a far worse performance than expected, as falling demand dragged on exports.
The economy contracted 0.16 per cent year on year, according to figures released on Tuesday. Analysts had expected a 0.5 per cent expansion, according to a survey conducted by Bloomberg.
The disappointing data “reflect the slowdown of global demand”, the government’s statistics and budget authority said in a statement. The department also cut its growth estimate for 2012 to 2.1 per cent, from 3 per cent. Last quarter, the economy grew 0.4 per cent year on year.
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