Intellasia East Asia News – Taiwan’s economy likely grew by 3.33pct in 3rd quarter due to surging exports

Asia


Due to surging exports, Taiwan’s GDP likely grew by 3.33 percent during the third quarter instead of the 2.01 percent predicted earlier, the directorate general of Budget, Accounting and Statistics (DGBAS) said Friday (October 30).

If confirmed later, the economic growth figure would be the highest of the past nine quarters, CNA reported.

While the Wuhan coronavirus (COVID-19) pandemic is still hammering large parts of the world, including Europe and the United States, Taiwan managed to see a significant rise in exports during the period of July through September, according to the DGBAS.

Earlier in the year, international bodies predicted Taiwan’s economy would contract in a similar way to many other economies facing the impact of the pandemic, but local forecasts remained positive.

In August, the DGBAS predicted an overall growth rate of 1.56 percent for 2020. Even though the government body released no new estimate for the year Friday, it said it is likely the next forecast will be revised upward.

https://www.taiwannews.com.tw/en/news/4041430

 

Category: Taiwan


Print This Post



Source Intellasia

Leave a Reply

Your email address will not be published. Required fields are marked *