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  HOME | Business & Economy (Click here for more)

Taiwan’s Economy Grows in Q3 at Fastest Pace in Two Years

TAIPEI – Taiwan’s GDP showed a year-on-year increase of 3.1 percent in the third quarter of 2017, the highest growth in two years, according to Directorate General of Budget, Accounting and Statistics figures released on Tuesday.

The GDP had shown a 2.1 percent year-on-year increase in the second trimester of the year.

The biggest contributor to this growth was external demand, with exports showing a year-on-year increase of 11.16 percent and imports 6.54 percent.

The growth in global consumption of high technology products, which constitute an important part of Taiwanese exports, contributed to the increase in the exports.

The government’s forecast for the country’s GDP growth for 2017 is 2.15 percent, marginally higher than the previous forecast of 2.11 percent, and the prediction for 2018 is 2.27 percent.

The rest of the country’s macroeconomic data was stable at the end of September, with an unemployment rate of 3.77 percent and a forex reserve of $447.22 billion.

 

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