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TAIPEI, July 29 (Xinhua) -- Taiwan's economy posted year-on-year growth of 0.69 percent in the second quarter this year, better than the 0.48 percent growth forecast in May for the period, according to a report released by the island's statistics department on Friday.
The estimated reading indicates Taiwan's economic growth returned to positive territory after contracting for three consecutive quarters, said the report.
The economy was shored up mainly by better-than-expected exports of local commodities, the report said, adding the island's gross domestic product (GDP) in the second quarter expanded 0.04 percent from the previous quarter after seasonal adjustments.
Observers are not optimistic about strong economic growth on the island for the year. For example, the Taiwan Institute of Economic Research (TIER), one of the leading think tanks on the island, lowered its forecast for the island's 2016 GDP growth from 1.27 percent to 0.77 percent on Monday, citing factors such as the island's weakness in export orders and declining consumer confidence.
Latest figures showed Taiwan's export orders saw a year-on-year drop of 2.4 percent in June, the 15th consecutive month of contraction.
