NDC: domestic demand remains strong

Focus Taiwan
Date: 2015/07/31
By: Chen Cheng-wei, Tsai Yi-chu and Frances Huang

Taipei, July 31 (CNA) The National Development Council (NDC) said Friday that although 201507310016t0001Taiwan’s economy grew at a slower-than-expected pace in the second quarter, local demand remained strong.

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]

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