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Taiwan posts robust Q4 growth

Taiwan's economy grew a better-than-expected 2.92 per cent on-year in the fourth quarter, preliminary government data showed Tuesday, as exports rebounded on improving demand for consumer electronics and domestic consumption surged.

TAIPEI: Taiwan's economy grew a better-than-expected 2.92 per cent on-year in the fourth quarter, preliminary government data showed Tuesday, as exports rebounded on improving demand for consumer electronics and domestic consumption surged.

Full-year growth for 2013 stood at 2.19 per cent, the Directorate General of Budget, Accounting and Statistics said, up from 1.48 per cent in 2012 -- its slowest pace in three years -- as declining exports to most overseas markets were offset by increased demand from China and Southeast Asia.

Growth in the three months to December was up from November's estimate of 1.22 per cent. Domestic demand also increased 4.07 per cent in this period, boosted by higher consumer spending as well as corporate investment led by semiconductor makers.

Taiwan's export-reliant economy has been knocked by ongoing weakness in the global economy, with Europe battling a long-running debt crisis, while China is seeing a slowdown in growth momentum.

The government recently predicted GDP will rise 2.59 per cent in 2014, from 3.37 per cent outlined previously as the government expected many of the factors that had been hampering growth to remain.

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