taiwan q3 economic growth highest in over two years
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

Taiwan Q3 economic growth highest in over two years

Arab Today, arab today

Arab Today, arab today Taiwan Q3 economic growth highest in over two years

Taiwan is home to industry giants such as Foxconn
Taiwan - Arab Today

Taiwan's economy grew 3.1 percent in the July-September period to a ten-quarter high thanks to robust overseas demand for consumer electronics products, the government said Friday.

Traditionally an export-driven technology hub, Taiwan is home to industry giants such as Foxconn and Taiwan Semiconductor Manufacturing Company (TSMC) -- key suppliers for Apple's iPhones.

Third-quarter growth was the highest since 3.99 percent in the 2015 first quarter, boosted by a 17.49 percent increase in exports, of which 14.99 percent was from electronic components, it said.

The island benefitted from global economic recovery and growing peak-season shipments for consumer electronic products in this period, said the Directorate-General of Budget, Accounting and Statistics.

"Export growth was impressive in the third quarter to a record amount and was better than our expectations. Private consumption was also boosted by travelling and new car purchases," said Yeh Maan-tzwu, an official at the agency.

Due to improving global outlook and strong trade, the agency also raised its fourth quarter forecast to 2.3 percent year-on-year, and 2017 full-year growth to 2.58 percent, the highest since 2014's 4.02 percent.

It estimated the economy would grow 2.29 percent in 2018 -- despite major government infrastructure projects planned to start next year -- due to a slowing in the upturn in export.

Source:AFP

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