Taiwan Q4 preliminary GDP down 0.28% year on year, below expectations

[TAIPEI] Taiwan's economy contracted in the fourth quarter from a year ago, preliminary data showed on Friday, as depressed global demand took a heavy toll on the island's exporters and kept the door open for more rate cuts.

On a seasonally adjusted annualized basis (SAAR), gross domestic product in the October-December period grew 3.22 per cent compared to previous quarter, showing a bounce from a recession in the third quarter.

The year-on-year result was worse than the 0.25 per cent contraction forecast in a Reuters poll.

REUTERS