Taiwan's economic growth slowed more than expected in the first quarter of 2013, partly hit by subdued consumer spending, official data revealed Tuesday.
The gross domestic product expanded 1.54 percent year-on-year in the first quarter of 2013, the Director-General of Budget, Accounting and Statistics said. This was much weaker than a 3.72 percent growth in the fourth quarter of 2012. Economists expected a growth rate of 3.1 percent.
Seasonally adjusted GDP decreased 0.81 percent from previous quarter due to moderate growth in exports and subdued private consumption, the statistical agency said. On a quarter-on-quarter annualized basis, the seasonally adjusted GDP decreased 3.21 percent.
Growth in private consumption eased to 0.35 percent year-on-year in the first quarter from 1.55 percent in the fourth quarter. Government spending fell 0.52 percent.
Export gains accelerated to 4.84 percent year-on-year from 3.95 percent in the previous quarter and imports grew 6.92 percent from a year earlier. Investment rose 10.64 percent annually during the period.
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