Taiwan economy contracts for third straight quarter

Taiwan's economy contracted 0.84 percent in the first quarter (Q1) year on year, due to weak exports and investment, according to the local statistics authority on Friday.

Although it was the third consecutive quarter of contraction on a year-on-year basis, the economy grew 0.19 percent from the fourth quarter of last year, official data showed.

Taiwan's goods exports fell 12.1 percent and imports dropped 14 percent in Q1 year on year. Investment dropped nearly 2.5 percent year on year.

Contraction of the construction industry, partly due to frequent rain in Q1 and destocking of electronic products, contributed to the fall in investment, said Wang Shu-chuan, a statistics official.

Given the sluggish global economy, the economic restructuring occurring on the Chinese mainland as well as the local structural problems, Taiwan's economy remains weak, she added. Endi