Taiwan’s 2015 economic growth at six-year low

Beijing, Jan 29 (IANS) Taiwan’s economy expanded by 0.85 percent year-on-year in 2015, lower than previous forecast and marking the lowest pace in six years, the statistics authority said on Friday.

The island’s real GDP last year reached 15.65 trillion new Taiwan dollars ($466 billion), with a per capita GDP of $22,344, Xinhua quoted the statistical agency as saying.

The consumer price index dropped by 0.31 percent year on year, the first yearly decline since 2009.

Taiwan’s economy saw contraction in the third quarter of 2015, the first quarterly contraction since the last quarter of 2009. In November, the agency forecast that 2015 growth may reach 1.06 percent.

New data showed that due to lower-than-expected export and private consumption, the economy shrank 0.28 percent in the fourth quarter of last year, further dragging down growth for the whole year.

Earlier this month, the Taiwan Institute of Economic Research cut its forecast for 2016 growth by 0.27 percentage points to 1.57 percent as weak global recovery is likely to hurt exports and consumer confidence.

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