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Taiwan economy shrinks for first time in six years

Taiwan has been struggling to spur growth in its export-focused economy, badly hit by the financial crisis and competition in the technology sectorTaiwan’s economy shrank for the first time in six years in the July-September quarter, dragged down by worse-than-expected exports and domestic spending, the government said Friday. The drop of 1.01 percent from a year earlier missed forecasts by the Directorate General of Budget, Accounting and Statistics, which had predicted GDP growth of 0.10 percent year-on-year in the third quarter. On the heels of the result, Taiwan announced it would pour Tw$4.08 billion ($125.5 million) into the economy between November and February to boost consumer spending.

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