Taiwan's economic growth falls to three-year low

TAIPEI (AFP) - Taiwan's economy grew 1.26 per cent in 2012, its slowest pace in three years owing to shrinking exports, the government said Friday.

The figures mark the worst performance since a 1.81 per cent contraction in 2009 when the economy was buffeted by the global financial crisis, the Directorate General of Budget, Accounting and Statistics said.

It compared with a preliminary estimate of 1.25 per cent made last month and 1.13 per cent made in November, on better-than-expected foreign trade and domestic spending, the directorate said in a statement.

Fourth quarter growth came in at 3.72 per cent, also up from January's prediction of 3.42 per cent and November's 2.97 per cent estimate.