The authority said the country’s economy likely contracted by around 3.02 percent year-on-year from January to March 2023.
In the last quarter of last year, Taiwan’s GDP shrank by 0.41%.
Data shows that despite the resumption of international travel and business in Taiwan after the Corona outbreak, it is still suffering from a decline in demand for technology products, in light of the global economic crises.
The contraction in the first quarter of the year was about twice as strong as expected, as preliminary forecasts indicated that the Taiwanese economy would contract at a rate of between 1.20 and 1.25%.
The Census Bureau said the island’s exports have been hit hard by pressure from global inflation, rising interest rates and generally weak demand.
The data showed that the country’s exports of goods and services fell by 10.86%.
The government had said earlier that it expected the country’s economy to grow by 2.12% for the whole of 2023, which is the lowest rate for about 8 years, and the expected rate is lower than the growth rate recorded for 2022, which was 2.45%. percent.
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