Taiwan’s economy loses steam as antivirus controls tighten

Taiwan’s economy loses steam as antivirus controls tighten

A resurgence of coronavirus cases prompted Taiwan’s government to tighten social distance measures for factories and retailing. Consumer spending fell 0.4% from a year earlier. Processor chip factories, a major export industry, were hit by water shortages that forced some to reduce output. The island also suffered power shortages.

Growth in the three months ending in June decelerated from the previous quarter’s 8.9%, government data showed Friday. Measured compared with the previous quarter, growth slowed to 2% from the previous quarter’s 3%. Electronics exports should support growth in the second half of the year as developed markets ease restrictions and Taiwan consumer spending improves, said Lloyd Chan of Oxford Economics in a report.

“We remain optimistic about Taiwan’s growth prospects,” Chan wrote.

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