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Taiwan's economy slowed down between April and June but still registered double-digit growth on the back of strong exports, official figures showed on Thursday.
The Directorate General of Budget, Accounting and Statistics said Taiwan's gross domestic product increased 12.5% in the June quarter. This was higher than analyst forecasts for 10.2% growth and comes after a revised 13.7% expansion in the prior quarter.
The strong growth was driven by a 44.8% year-over-year jump in exports in the three months to June period, a slowdown from the 52.4% increase in the March quarter.
Taiwan relies heavily on its export sector. But while demand from the U.S. and Europe remains relatively weak, the island's export growth has been fueled by strong demand from China for its hi-tech products.
On a seasonally adjusted quarter-over-quarter basis, the Taiwanese economy grew 1.8%, slower than the 2.6% growth in the preceding quarter.
At the same time, the annualized growth rate, which shows what the annual rate would be if the latest change continued for the entire year, slowed to 7.2% from 10.9%.
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