Taiwan economy contracts 1.015% y-o-y in Q3, dodges recession

[TAIPEI] Taiwan's economy contracted in the third quarter from a year ago for the first time in six years, and narrowly avoided a recession, preliminary figures showed on Friday, as exporters suffered a crippling blow from slackening global demand.

The 1.01 per cent contraction was worse than the 0.6 per cent on-year decline forecast in a Reuters poll.

It was the first year-on-year decline in quarterly gross domestic product since the depths of the global financial crisis in 2009.

The cabinet will hold a news conference at 0200 GMT to discuss steps to boost consumption in the near term, according to a government notice.

REUTERS