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TAIPEI- Taiwan’s economy grew at a slower pace in the second quarter as a sudden spike in domestic COVID-19 cases weighed on consumption, though the island’s hi-tech exports remained strong as the global “work from home” boom shows no sign of easing.
Gross domestic product (GDP) grew 7.47 percent in April-June from a year earlier, preliminary data from the statistics agency showed on Friday.
The reading was well above the 6.05 percent increase forecast in a Reuters poll, but down from the first quarter’s 8.92 percent rise.
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Compared with the first quarter, the seasonally adjusted annual rate of growth declined 7.86 percent in the second quarter, compared to a 12.93 percent gain in the first quarter.
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