Taiwan Q3 vinyl wristbands cheapGDP growth slower than expected

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Tourists watch as Lantern Festival is celebrated in Pingxi, New Taipei City, Taiwan, last year. [PHOTO/XINHUA]

TAIPEI -- Taiwan"s GDP grew 2.28 percent year-on-year in the third quarter, missing a previous forecast, according to the island"s statistics agency Wednesday.

The quarterly growth fell short of a forecast of 2.36 percent in August, mainly because of lower-than-expected growth in private consumption, the agency said.

After seasonal adjustments, Q3 growth was 1.92 percent.

Private consumption in the July-September period expanded by 1.9 percent year on year, slower than the 2.31-percent increase forecast in August, the agency said, citing falling demand for new cars, motorcycles and overseas trips, as well as eased turnover on the local stock market.

Taiwan"s GDP growth in the first and second quarter this year was 3.1 percent and 3.3 percent, respectively.