Taiwan Q4 GDP unexpectedly shrinks, worst in 13 years

• Taiwan’s trade-dependent economy unexpectedly contracted in 4Q22, 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 4Q22 period, annual gross domestic product (GDP) contracted by 0.86% from 4Q21, compared with 4.01% growth for 3Q22, preliminary data from the statistics agency showed on 18 Jan.
• Compared with 3Q22, 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 2022’s 3% growth recorded in China, which was hit hard by stringent COVID curbs and a property market slump.
• Taiwan’s total 4Q22 exports dropped 8.63% from 2021 in USD terms, the agency said.

External Link : https://www.reuters.com/markets/asia/taiwan-q4-gdp-unexpectedly-shrinks-worst-performance-13-years-2023-01-18/