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Taiwan announces stimulus steps to boost consumption after poor GDP data

The Taipei 101 building, center, stands among residential and commercial buildings in Taipei, Taiwan, on Monday, Nov 4, 2013.

[TAIPEI] Taiwan government on Friday announced a stimulus package to help boost domestic consumption, after the island's export-driven economy contracted for the first time in six years in the third quarter.

The cabinet said in a briefing the package could add T$15.4 billion (US$480 million) to GDP, but didn't elaborate on the timeframe.