Taiwan's gross domestic product contracts by 0.86% in the fourth quarter of 2022, compared with 4.01% growth for the third quarter.
’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.
That was worse than an increase of 1.3% forecast in a Reuters poll, and the worst quarterly performance since the economy contracted 1.13% in the third quarter of 2009, when the world was dealing with a financial crisis. “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% from a year earlier in US dollar terms, the agency said.in the global technology supply chain for giants such as Apple, Taiwan’s economy had outperformed many regional peers during the pandemic as it benefited from robust demand for tech exports as more people turned to working and studying from home.
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