Taiwan GDP down 3.02% in Q1 as economy sinks into recession

Preliminary data disappoints amid sluggish demand for tech exports

Taiwan has opened up after COVID-19, but it faces weak external demand for its tech exports. © EPA/Jiji

THOMPSON CHAU, Contributing writer

April 28, 2023 17:36 JST

Updated on April 28, 2023 18:04 JST

TAIPEI -- Taiwan's export-dependent economy slipped into a recession in the first quarter of 2023, according to preliminary figures released by the Directorate General of Budget, Accounting and Statistics on Friday.

Gross domestic product likely contracted by 3.02% in the January-March period versus a year earlier, the office said. The GDP had declined 0.41% year-on-year in the fourth quarter of last year.