2009.02.1805:00:00UTC+00Taiwan's GDP Falls Sharply in Q4

Taiwan's real gross domestic product, or GDP, contracted 8.36% in the fourth quarter from the previous year, a report released by the Directorate-General of Budget, Accounting and Statistics showed Wednesday. Economists had expected he economy to contract 6.64%.

The GDP growth rate for the third quarter was revised to a decrease of 1.05% from 1.02% contraction initially reported. The economy grew 0.12% in 2008.

Taiwan's real GDP is predicted to contract 2.97% in 2009, and the consumer price index is expected to fall 0.82%. The Directorate-General of Budget, Accounting and Statistics lowered its outlook from 2.12% expansion previously predicted. Export is anticipated to keep weakening.

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