Taiwan’s GDP grows 2.3% in Q3

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November 28, 2016

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Taiwan’s GDP grows 2.3% in Q3

Source: Xinhua | November 28, 2016, Monday |

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TAIWAN’S gross domestic product gained 2.03 percent in the third quarter, slightly lower than the preliminary estimate of 2.06 percent, the island’s statistics department has said.

Domestic demand remains the biggest driver of the island’s economic growth, the department said on Friday.

Exports of merchandise posted the first expansion since the first quarter last year, although growing at just 0.11 percent year on year, as global demand for Taiwan-made electronics and machinery rebounded.

The department predicted the economy to grow at an annual rate of 1.35 percent in 2016, 0.13 percentage points higher than its last calculation, as exports will fare better than expected.

It estimated the GDP to grow 1.87 percent in 2017, almost on par with its last forecast.

Taiwan’s economy plunged into three consecutive contractions before growing 1.13 percent in the second quarter this year.

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Taiwan’s GDP grows 2.3% in Q3

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