Taiwan exits recession on Q2 GDP growthTAIPEI: Taiwan came out of recession in April-June, data showed on Friday, as a pick-up in the island’s key electronics sector helped end a run of three successive quarterly contractions. Traditionally an export-driven technology hub, the island is home to industry giants such as Foxconn and Taiwan Semiconductor Manufacturing Co. (TSMC), which a key suppliers for Apple’s iPhone. The 0.69 percent year-on-year growth beat expectations and comes after newly elected President Tsai Ing-wen pledged to kickstart growth, including establishing a “Silicon village” for Asia. “The second quarter [gross domestic product] is better than a forecast of 0.48 percent increase made in May mainly thanks to better-than-expected exports,” the statistics bureau said in a statement. However, the latest growth figures show a rise in semiconductor, electronic components and computer industries in the second quarter, having fallen 10 percent in the same period last year.

Source: Manila Times July 29, 2016 12:45 UTC