Taipei, Oct. 30 (CNA) Taiwan’s economy grew by an estimated 14.36 percent in the third quarter from a year earlier, the highest growth for the same quarter in 48 years, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Friday.<\/p>\n
The forecast was 2.94 percentage points higher than an August estimate. It also marked the fourth consecutive quarter of double-digit growth.<\/p>\n
DGBAS specialist Chiang Hsin-yi (\u6c5f\u5fc3\u6021) said stronger-than-expected exports and business investment were key drivers of the robust third-quarter growth.<\/p>\n
On the export front, strong demand for artificial intelligence applications, high-performance computing and cloud services, as well as stronger orders for electronic components used in new consumer products, helped boost exports, Chiang said.<\/p>\n
She added that higher prices for exported products also helped increase export value.<\/p>\n
Strong export demand also supported business investment, with real investment and changes in inventories estimated to have increased 26.36 percent in the third quarter, 4.26 percentage points higher than the previous forecast, Chiang said.<\/p>\n
Capital equipment imports, measured in Taiwan dollars, rose 58.5 percent in the third quarter from a year earlier, including a 35.66 percent increase in semiconductor equipment, while investment in machinery, transportation equipment, intellectual property and construction also grew, according to the DGBAS.<\/p>\n
Meanwhile, exports from industries other than electronics and information and communications technology also grew at double-digit rates, indicating a gradual recovery in traditional industries in recent quarters, Chiang said.<\/p>\n
On the domestic front, private consumption remained strong, helped by a recovery in the auto market and the wealth effect from Taiwan stocks reaching record highs, she said.<\/p>\n
Real private consumption grew 5.37 percent in the third quarter, 0.01 percentage points above the August forecast. It was the second consecutive quarter in which growth exceeded 5 percent, according to the DGBAS.<\/p>\n
Chiang said the last time Taiwan recorded an extended period of double-digit growth was in 1986-87, when the economy recorded high growth for six consecutive quarters as the government gradually eased capital controls and foreign exchange restrictions, contributing to economic liberalization and an economic upswing.<\/p>\n
For the first three quarters, growth is estimated to have reached 14.22 percent, the highest for the period in half a century, according to the DGBAS.<\/p>\n
(By Pan Tzu-yu and Shih Hsiu-chuan) <\/p>\n
Enditem\/AW
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