Taiwan’s economy contraction slows in May
Taiwan’s recession appeared to be easing as its key economic indexes staged a slight rebound for the fourth successive month, the government said Friday.
The index of leading indicators rose 3.3 percent from April, when it posted a revised 2.9 percent, the Council for Economic Planning and Development said.
The index, which is used to evaluate economic performance in the coming three to six months, showed increasing over-time in the manufacturing and service sectors, improved export orders and semiconductor shipments, and rising share prices, the council said.
May’s index of coincident indicators, which tracks the current pace of economic activity, rose 2.7 percent from a month earlier, compared with April’s 3.0 percent growth, it said.
A man begs nears passers-by in front of a Taipei train station June 22, 2009. Taiwan's seasonally adjusted jobless rate swept to a new record high of 5.84 percent in May, the government said on Monday, with the rising trend expected to persist due to more job losses in the recession-hit economy (Reuters)
The May figures “indicated the recession is easing with a positive trend seen in both financial and manufacturing sectors,” the council said in a statement.
“However, the job market remains severe… We have to continue to closely watch the economy and come up with appropriate measures to overcome the downturn,” it added.
Taiwan reported a record 10.24 percent economic contraction in the first quarter of the year as its exports were badly hit by weak demand brought about by the global crisis.
http://ph.news.yahoo.com/afp/20090627/tbs-taiwan-economy-growth-710a28b.html
Category: Taiwan
