World Economy

Taiwan GDP Growth at 3-Year Low

Taiwan GDP Growth at 3-Year LowTaiwan GDP Growth at 3-Year Low

Taiwan in the second quarter didn’t come close to reaching the government’s GDP growth forecast issued only in May, underscoring pressure from the easing expansion in mainland China’s economy and inventory build-up in the electronics industry, Forbes reported. Taiwan’s GDP rose by 0.64% in the three months to June, less than a projected increase of 3.05% issued in May, the Cabinet’s statistics office said Friday.  A 9.8% drop in exports in the second quarter dragged down GDP and manufacturing, the government said.  Visitors from China, an important source of growth for Taiwan’s tourism industry, fell 2.7% in second quarter from a year ago, the first decline more than three years. Taiwan’s benchmark stock index eked out a 0.2% rise, but has fallen 7% in the past month. The GDP increase was the smallest in three years.  The 0.64% gain compared with an increase of 3.87% in the second quarter of last year and 3.37% in the first quarter of 2015 versus a year ago.