Taiwan says to lose $667 mn over Japan quake

TAIPEI: Taiwan said Wednesday its economy could lose more than $650 million as a result of the quake tsunami and resulting nuclear crisis in Japan, one of the island's key trade partners.

Growth this year would likely fall by up to 0.20 percentage points to 4.81 percent as a result of the disasters, said the Council for Economic Planning and Development.

The figure is equivalent to about Tw$15-20 billion ($500-667 million) being taken off from gross domestic product, the council said.

Taiwan's economy grew 10.82 percent in 2010, its fastest rate for 24 years, while government forecasts last month put growth this year at 4.92 percent.

Taiwan's exports to Japan rose 24 percent last year to a record $18 billion while imports grew 43 percent to $51 billion, according to the finance ministry.