Taiwan's 1Q13 GDP slumped to 1.5%

Blame it on sluggish exports, private consumption.

According to BBVA, first quarter GDP moderated to a weaker-than-expected 1.5% y/y (BBVA: 3.0%, Consensus: 3.1%) from 3.7% in Q4 2012 on lower contributions from net exports and private consumption.

On an annualized sequential basis, growth contracted by -3.2% q/q saar, suggesting that the economy may be feeling the effects of slowing growth momentum in China and its other major trading partners, especially the EU.

Here's more from BBVA:

Investment has been a relative bright spot on improved capital spending in the electronic components sector. The GDP outturn follows weaker-than-expected Q1 GDP in China and Singapore (in contrast, Korea last week posted better-than-expected, albeit modest, Q1 GDP).

While Taiwan’s disappointing Q1 outturn poses downside risks to our 3.5% full-year growth projection, we expect an improving trend in momentum in the coming quarters on supportive macro policies and improving demand in trading partners.