Taiwan’s final Q1 GDP estimate likely to affirm growth contraction of 5.9 pct

Taiwan’s final GDP estimate for the first quarter is set to release tomorrow. According to a DBS Bank research report, the final GDP estimate is expected to reconfirm that the economy has shrunk 5.9 percent quarter-on-quarter in the March quarter, with the year-on-year growth easing to 1.5 percent.

Exports and domestic demand have both dropped amidst the COVID-19 outbreak in the mainland China and the spreading impact on Taiwan. The government at present expects the full-year growth to come in at 2.4 percent.

“This forecast is likely to be revised down sharply at the quarterly review this week”, added DBS Bank.