Taiwan sees strong Q4 GDP growth
Source: Agencies |
February 23, 2010, Tuesday
|
Print Edition
Print Edition
TAIWAN'S economy saw its strongest growth in five years in the fourth quarter of 2009, surging 9.2 percent from a year earlier with help from stimulus-fueled demand from the Chinese mainland for the island's high-tech exports.
For all of 2009, Taiwan's economy shrank 1.9 percent, the authorities said yesterday. That was the biggest contraction since 1951. The island predicted economic growth of 4.7 percent for 2010.
Growth of 15.2 percent in Taiwan's exports in the fourth quarter reflected economic recovery in the mainland, the United States and some European markets, authorities said.
Growing revenue from an increasing number of mainland tourists to Taiwan also helped drive up the island's economic growth during the October-December period.
Authorities said increasing global demand for Taiwan's high-tech products will continue to boost the island's economy in 2010.
Taiwan's export-reliant economy was badly hit by the global recession, but a wide-ranging stimulus program on the mainland - its biggest market - boosted high-tech and other sales in the second half of last year.
In the third quarter, gross domestic product fell 1 percent year on year, compared with declines of 6.9 percent in the second quarter and 9.1 percent in the first.
Taiwan's electronics and computer firms export parts and components to the mainland for assembly before re-exporting to major markets in the world.
The authorities said Taiwan's jobless rate for January dipped 0.06 percentage points from December to 5.68 percent.
For all of 2009, Taiwan's economy shrank 1.9 percent, the authorities said yesterday. That was the biggest contraction since 1951. The island predicted economic growth of 4.7 percent for 2010.
Growth of 15.2 percent in Taiwan's exports in the fourth quarter reflected economic recovery in the mainland, the United States and some European markets, authorities said.
Growing revenue from an increasing number of mainland tourists to Taiwan also helped drive up the island's economic growth during the October-December period.
Authorities said increasing global demand for Taiwan's high-tech products will continue to boost the island's economy in 2010.
Taiwan's export-reliant economy was badly hit by the global recession, but a wide-ranging stimulus program on the mainland - its biggest market - boosted high-tech and other sales in the second half of last year.
In the third quarter, gross domestic product fell 1 percent year on year, compared with declines of 6.9 percent in the second quarter and 9.1 percent in the first.
Taiwan's electronics and computer firms export parts and components to the mainland for assembly before re-exporting to major markets in the world.
The authorities said Taiwan's jobless rate for January dipped 0.06 percentage points from December to 5.68 percent.
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