Taiwan’s economy grew at a faster pace in the third quarter on exports, advance estimate from the Directorate-General of Budget Accounting and Statistics showed Thursday.
Gross domestic product grew 2.91 percent on a yearly basis after rising 2.4 percent in the second quarter. This was the fastest growth since the second quarter of 2018 and above the forecast of 2.45 percent.
GDP expanded 4.51 percent on a quarter-on-quarter seasonally adjusted annualized basis, faster than the 2.72 percent growth seen in the second quarter. Data showed that real private spending climbed 1.96 percent on higher sales of cars and electric scooters. Meanwhile, gross capital formation shrank 1.01 percent.
In addition, real exports of goods and services grew at a faster pace of 4.23 percent, mainly driven by the strong foreign demand for information, communication and audio-video. Imports increased by 2.17 percent.
The prospects for the economy over the coming quarters remain decent, Gareth Leather and Sheana Yue, economists at Capital Economics, said. However, this is likely to be countered by drags from elsewhere.
The economists said today’s strong performance reinforced the assessment that interest rates in Taiwan will remain unchanged at 1.375 percent until the end of next year.
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