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Record decline

TAIWAN'S economy shrank by a record 10.2 percent year on year in the first quarter on slumping exports, authorities said yesterday. The global recession continued to hurt Taiwan's exports - the main engine of the island's economic growth.

Exports, calculated in US dollars, declined by 36.7 percent annually in the first quarter. The island expected its economy to shrink by 4.25 percent for this year. The previous forecast was for a 3-percent contraction.


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