Taiwan slips into recession as Q1 GDP contracts worse than expected | Inquirer Business

Taiwan slips into recession as Q1 GDP contracts worse than expected

/ 04:27 PM April 28, 2023

TAIPEI  – Taiwan’s export-dependent economy slipped into recession in the first quarter and shrank by a worse rate than expected, hit by a drop in exports due to slowing global tech demand amid broader economic woes.

For the January-March period, annual gross domestic product (GDP) shrank by 3.02 percent from a year earlier, following a contraction of 0.41 percent in the previous quarter, preliminary data from the statistics agency showed on Friday.

That was worse than a fall of 1.25 percent predicted in a Reuters poll.


Quarter-on-quarter, the economy contracted 6.37 percent on a seasonally adjusted annual rate.


First-quarter exports dropped 19.17 percent from a year earlier in U.S. dollar terms, the agency said, hit by high global inflation, the war in Ukraine and generally weaker demand worldwide.


Taiwan revises down 2023 GDP growth forecast on export slump

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: demand, Recession, slowdown, Taiwan, technology

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.