Taiwan contraction raises alarm on rate cuts

GDP for the second quarter of 2012 contracted for the first time since 2009 which could lead its central bank to slash interest rates.

Here's more from BBVA:

Taiwan's preliminary Q2 GDP estimates surprised to the downside, shrinking by -0.2% y/y (consensus: 0.5% y/y; BBVA: 0.3% y/y), the first year-on-year contraction since Q3 2009. Sequentially, there was a slight pick-up to 0.8% q/q from 0.3% q/q in the first quarter. Exports and investment were the key areas of weakness. In May, the government cut its 2012 growth forecast to 2.1% from 3.0%. For the rest of the year, risks remain titled to the downside. In the past few weeks the central bank has begun using open market operations to expand liquidity, raising expectations of an interest rate cut.

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