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Taiwan's economy grows after shrinking for 3 straight quarters

2016/07/29 09:51:00

Taipei, July 29 (CNA) Taiwan's economy registered a growth of 0.69 percent in the second quarter of this year, bringing the country's economic growth back in the positive territory, according to a preliminary estimate released by the Cabinet's Directorate General of Budget, Accounting and Budget (DGBAS) Friday.

It compared with a May forecast of a 0.48 percent growth for the 3-month period.

The DGBAS attributed the stronger growth to better-than-expected exports of locally made goods, adding that the economy has been slowly warming up.

Also in May, the DGBAS said Taiwan's gross domestic product (GDP) recorded a negative growth of 0.68 percent in the first quarter of the year.

After seasonal adjustments, the second-quarter GDP grew at a pace of 0.04 percent from the previous quarter and 0.15 percent from the same period of 2015.

Despite the negative growth registered in the first quarter of this year, the second-quarter growth means that the economy grew 0.01 percent in the first half of 2016, said DGBAS specialist Wang Shu-chuan (王淑娟).

(By Chen Cheng-wei and Jay Chen)