Taiwan's economy estimated to grow 14.36% in third quarter — Taipei Times

Taiwan's economy is estimated to have grown by 14.36% year-on-year in the third quarter. This is the highest third-quarter figure in 48 years and the fourth consecutive quarter of double-digit GDP growth.

As Taipei Times reports, the updated estimate by Taiwan's Directorate-General of Budget, Accounting and Statistics was 2.94 percentage points higher than the August estimate.

Exports and investment

Higher-than-expected exports and business investment were the main drivers of growth, an official from the directorate said. Exports were supported by demand for artificial intelligence applications, high-performance computing and cloud services, as well as more active orders for electronic components for new consumer products.

The value of exports also increased because of higher prices for products supplied abroad. Real investment and inventory changes in the third quarter are estimated to have increased by 26.36%, 4.26 percentage points more than the previous forecast.

More current news is available on the UA.News Telegram channel Telegram.

Imports of capital equipment, measured in New Taiwan dollars, rose by 58.5% year-on-year. In particular, imports of semiconductor equipment increased by 35.66%. Investment in machinery, transport equipment, intellectual property and construction also grew.

Consumption and a record period

Private consumption remained strong due to the recovery of the car market and the wealth effect amid record highs in Taiwan's stock market. Real private consumption increased by 5.37%, 0.01 percentage points above the August estimate. This was the second consecutive quarter in which its growth exceeded 5%.

In the first three quarters, Taiwan's economy is estimated by the directorate to have grown by 14.22%, the highest figure for this period in half a century. The last time the country had a prolonged streak of double-digit growth was in 1986–1987, when high rates persisted for six consecutive quarters.