Breaking News
Investing Pro 0
Free Webinar - Crude Oil Trading 2023 | Thursday, February 9, 2023 | 01:00PM PST Enroll Now

Taiwan Q3 GDP seen growing 3.2%, struggling against trade headwinds

Economy Oct 27, 2022 02:07AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: People ride a scooter on a street in Taipei, Taiwan August 10, 2022. REUTERS/Aleksander Solum/File Photo
 
AAPL
-1.75%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

TAIPEI (Reuters) - Taiwan's economy likely expanded slightly faster in the third quarter compared to the prior quarter but at an anaemic pace due to increased global economic headwinds denting demand for technology which is a key export, a Reuters poll showed.

Gross domestic product (GDP) likely grew 3.2% in July-September versus a year earlier, the poll of 20 economists shows, after it expanded 3.05% year-on-year in the second quarter.

Policymakers have said they expect full-year 2022 growth of less than 4%, downgrading it from previous forecasts of more than 4% and slower than the 6.45% logged for 2021. That was the fastest rate in over a decade since it expanded 10.25% in 2010.

Economists' forecasts for preliminary GDP data due on Friday varied widely from growth of 1.8% to as high as 4.4%.

Demand for Taiwanese goods has been hit by COVID-19 lockdowns in China, as well as soaring global inflation and tightening monetary policy.

Woods Chen, head of macroeconomics at Yuanta Securities Investment Consulting in Taipei, said domestic demand was "not bad" due to Taiwan gradually undoing COVID-19 controls, but the problem was with exports.

"Our estimate is quite low, and of course that's because of negative growth in exports," he said, pointing to September's exports which fell an on-year 5.3%, the first contraction in more than two years.

As a key hub in the global technology supply chain for giants such as Apple Inc (NASDAQ:AAPL), Taiwan's economy had been outperforming many of its regional peers.

A global shortage of semiconductors has swelled order books for Taiwanese chipmakers such as Taiwan Semiconductor Manufacturing Co Ltd (TSMC).

TSMC reported an 80% surge in third-quarter profit, the strongest growth in two years.

The economy in China, Taiwan's largest trading partner, expanded 3.9% in the third quarter year-on-year, faster than expected and quickening from the 0.4% pace in the second quarter.

Taiwan's preliminary figures will be released in a statement with minimal commentary. Revised figures will be released a few weeks later, with more details and forward-looking forecasts.

(Poll compiled by Devayani Sathyan and Carol Lee; Reporting by Jeanny Kao and Ben Blanchard)

Taiwan Q3 GDP seen growing 3.2%, struggling against trade headwinds
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email