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.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here