Arab Today, arab today taiwan slashes growth forecast amid weak demand china competition
Last Updated : GMT 13:34:54
Arab Today, arab today
Arab Today, arab today

Taiwan slashes growth forecast amid weak demand, China competition

Arab Today, arab today

Arab Today, arab today Taiwan slashes growth forecast amid weak demand, China competition

Taiwan slashes its growth forecast
Taipei - AFP

Taiwan on Friday slashed its growth forecast for 2015 to lower-than-expected 1.56 percent, saying the economy was losing strength due to weak demand from abroad and stiffer competition from China in the tech sector.

The figure marked a steep fall of 1.72 percentage points from May when the Directorate General of Budget, Accounting and Statistics made the previous estimate.

"Amid slowing global recovery, the inventory levels of electronic products remain high, competition from the Chinese mainland's supplies chains is growing and prices of raw materials like crude oil keep falling," the island's top government budgeting agency said in a statement.

Traditionally an export-driven technology hub, Taiwan has benefited from Apple's new iPhone6, launched last year. A number of leading Taiwanese firms such as Foxconn and TSMC are reportedly among Apple's suppliers.

But China has been pushing to grow its own tech industry with the development of domestic smartphone brands and homegrown hardware, including chips.

While adjusting the first-quarter GDP growth figure up from 3.37 percent to 3.84 percent, the agency also lowered its second-quarter year-on-year growth figure to 0.52 percent, down 0.12 percentage points from its preliminary figures released last month.

"The main reason for this was much lower exports than predicted," it said.

The agency forecast GDP growth in the third quarter to drop further to 0.10 percent year-on-year, before rising to 1.90 percent in the fourth quarter.

It predicted GDP to grow 2.7 percent in 2016.

Taiwan's economy was buoyed last year by a steady recovery in developed countries as well as record-high exports and rising domestic consumption.

But growth then slowed in the three months to December due to lower-than-expected overseas demand for goods and weaker domestic spending.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today taiwan slashes growth forecast amid weak demand china competition Arab Today, arab today taiwan slashes growth forecast amid weak demand china competition

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today taiwan slashes growth forecast amid weak demand china competition Arab Today, arab today taiwan slashes growth forecast amid weak demand china competition

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 05:52 2017 Wednesday ,28 June

Suzanne Tamim’s father refuses to give comment

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday