World Economy

Taiwan Economy Grew 2.1% in Q3

Taiwan Economy Grew 2.1% in Q3Taiwan Economy Grew 2.1% in Q3

Taiwan’s economy grew at its fastest pace in more than a year in the third quarter, thanks to strong demand for tech gadgets ahead of the year-end shopping spree and better investment and consumption at home, Reuters reported. The result marked the latest evidence of a gradual recovery in the export-driven economy, and backs expectations that the central bank would hold rates steady for a second time at its December quarterly meeting. Taiwan’s gross domestic product growth accelerated to 2.06% in the third quarter, year on year, almost three times the 0.7% growth clocked in the second quarter, preliminary government data from the directorate- general of budget, accounting and statistics showed Friday. “Though global economic growth remains slow... (Taiwan’s) exports gained momentum from stronger semiconductor demand and launches of handheld devices,” it said in a statement. “Consumption and investments at home were better than forecast.” On a seasonally adjusted annualized rate basis, the economy grew 4.54% in the July-September period, well ahead of the 0.23% in the second quarter.


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