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Taiwan's Q3 GDP grows by -1.01%, the worst since 2009

Taiwan's Q3 GDP grows by -1.01%, the worst since 2009

Taiwan's Q3 GDP records negative growth

Taiwan's gross domestic product (GDP) recorded a negative growth of 1.01 percent for Q3 2015, according to government figures issued Friday, which is far below its previous forecast of 0.1 percent growth.

The Cabinet-level Directorate-General for Budget, Accounting and Statistics (DGBAS) said that the third-quarter GDP figure was the lowest since the second quarter of 2009, when the country's economy fell 1.24 percent from a year earlier amid a global financial crisis.

Looking at the breakdown of the numbers, the report shows a continuing decline in electronic, steel, and display product exports. The manufacturing production index for Q3 recorded a negative growth of 4.65%.

The Cabinet on Friday announced short-term stimulus measures including subsidies for the purchase of energy-efficient home appliances and domestic travels in a bid to boost Taiwan's flagging economy.

The package, which will be in effect for the next three months, also includes a subsidy for those who replace their second-generation (2G) cell phone to a 4G smartphone. It is estimated that the package will cost NT$4 billion and add NT$1.54 billion to GDP.

Updated : 2021-09-20 07:09 GMT+08:00