in ,

Taiwan’s economy loses momentum as anti-virus controls pinch


TAIPEI, China (AP) — Taiwan’s economic growth slowed to 7.5% over a year earlier in the latest quarter as anti-coronavirus controls depressed consumer spending and manufacturing.

Growth in the three months ending in June decelerated from the previous quarter’s 8.9%, government data showed Friday.

Measured compared with the previous quarter, growth slowed to 2% from the previous quarter’s 3%.

A resurgence of coronavirus cases prompted Taiwan’s government to tighten social distance measures for factories and retailing. Consumer spending fell 0.4% from a year earlier.

Processor chip factories, a major export industry, were hit by water shortages that forced some to reduce output. The island also suffered power shortages.

Electronics exports should support growth in the second half of the year as developed markets ease restrictions and Taiwan consumer spending improves, said Lloyd Chan of Oxford Economics in a report.

“We remain optimistic about Taiwan’s growth prospects,” Chan wrote.



Source link

What do you think?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

LinkedIn released a bunch of stickers for you to showcase your current status in stories

USWNT vs. Netherlands live updates, score, how to watch Tokyo Olympics quarterfinal match – The Washington Post