Taiwan’s economy grew far slower than expected in the third quarter as slowing exports dragged down the trade-dependent nation.
Growth came in at 1.58 per cent year on year, against a government forecast of 2.47 per cent.
The small Asian nation produces a major share of the world’s electronics products, and its exports are equivalent to around 70 per cent of the country’s overall economy. Factories around the island make chips found in most popular consumer electronics, many of which are themselves then manufactured by other Taiwanese groups. The country, however, has struggled with weak consumer demand in the US and Europe and with rising competition from Korean and Chinese producers.
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