Taiwan recession lifts on Q2 GDP growth

Taiwan came out of recession in April-June, data showed Friday, as a pick-up in the island's key electronics sector helped end a run of three successive quarterly contractions.

The 0.69 percent year-on-year growth beat expectations and comes after newly elected President Tsai Ing-wen pledged to kickstart growth, including establishing a "Silicon village" for Asia. Traditionally an export-driven technology hub, the island is home to industry giants such as Foxconn and Taiwan Semiconductor Manufacturing Company (TSMC), which a key suppliers for Apple's iPhone.

But China has been pushing to grow its own tech sector, with the development of domestic smartphone brands and homegrown hardware like Huawei, while sluggish global demand has also acted as a drag.