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Taipei – Taiwan’s economy shrank in the final quarter of 2022, the government said Wednesday, in the island’s worst quarterly contraction since it was hammered by the global financial crisis in late 2009.
Gross domestic product in the last quarter fell 0.86% year-on-year, according to preliminary figures released by the Directorate-General of Budget, Accounting and Statistics.
That is the first decline since the first quarter of 2016 and far worse than the 1.52% increase the government had forecast in November.
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