Economy

Stocksak: Taiwan Q3 GDP increases faster than expected after lifting COVID curbs

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© Stocksak. FILEPHOTO: Cranes pictured at a construction site near Taipei, Taiwan, November 26, 2020. REUTERS/Annabelle Chih

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TAIPEI (Stocksak). -Taiwan’s third quarter saw a much faster growth rate than expected. It grew at its fastest pace in the last three months since 2021. This was due to a rebound in domestic demand after the removal of COVID-19 restrictions, even though exports slowed.

The July-September period’s annual gross domestic product (GDP) grew 4.1% compared to 3.05% in the previous quarter, preliminary statistics from the statistics agency showed Friday.

This was well over the 3.2% increase predicted in a Stocksak poll and the fastest pace of growth since logging a 5.2% expansion in fourth quarter 2013.

Comparatively to the previous quarter, the economy grew 6.63% at a seasonally adjusted annual rate.

According to the statistics office, there was a “significant increase” in consumer spending during the third quarter. This was due to the government relaxing controls to stop COVID-19 spreading. However, this is a small base considering the tight curbs that were put in place last year.

The agency reported that exports for the third quarter were down 3.38% compared to a year ago in U.S. dollars terms. This was due to high global inflation, COVID-19 lockdowns by Taiwan’s largest export market China, and generally weaker global demands.

Taiwan will release revised GDP numbers on Nov. 29, along with full-year growth projections for 2022. The statistics agency revised its full-year outlook to 3.76% in August from a previous forecast at 3.91%.

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Stocksak Editorial

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