By: Chen Cheng-wei, Tsai Yi-chu and Frances Huang
The NDC said that weaker-than-expected exports in the three- month period was responsible for the weaker economic growth, but higher-than-expected domestic demand still pushed the local economy ahead.
The Directorate General of Budget, Accounting and Statistics (DGBAS) released its advance estimate Friday, reporting that Taiwan’s gross domestic product (GDP) grew only 0.64 percent year-on-year in the second quarter, far behind an earlier forecast of a 3.05 percent increase.
The DGBAS cited a year-on-year contraction of 1.30 percent in merchandise and services exports as the reason for the disappointing GDP growth in the second quarter. [FULL STORY]