Taiwan Economy Seen Growing 3.61pct in Fourth Quarter on Boost From Exports: Reuters Poll

27-Jan-2021 Intellasia | USNews | 7:22 AM Print This Post

Taiwan’s economy is expected to have expanded 3.61 percent year-on-year in the fourth quarter, a Reuters poll showed, as the export-dependent island continued to shake off the coronavirus jolt with a return of strong shipments and consumer confidence.

The trade-dependent economy grew 3.92 percent in the third quarter from a year earlier, in a solid rebound from a 0.58 percent contraction in the second quarter.

Taiwan, a key hub in the global technology supply chain for tech giants such as Apple Inc, is expected to have posted slightly slower gross domestic product (GDP) growth of 3.61 percent on year in October-December, according to the poll of 14 economists.

Predications varied widely from growth of 2.1 percent to as high as 6.83%.

Exports in 2020 rose 4.9 percent to $345.28 billion, a record high by value for a single year.

In December, Taiwan’s central bank revised up its growth outlook for this year.

It raised its 2020 forecast for GDP growth to 2.58 percent from 1.6 percent predicted in September, and projected 2021 growth at 3.68%, compared with 3.28 percent seen at its last quarterly meeting.

Taiwan’s exports have benefited from the work-and-study from home trend around the world, which has boosted demand for laptops, tablets and other electronics made with components supplied by firms like Taiwan Semiconductor Manufacturing Co Ltd (TSMC).

Taiwan’s largest trading partner China registered faster-than-expected economic growth in the fourth quarter of last year, with GDP up 6.5 percent year-on-year.

Taiwan’s preliminary fourth-quarter figures will be released on Friday. Revised figures, including details and government forecasts, will be published about three weeks later.



Category: Taiwan

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