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Economy

26 Oct 2021

Taiwan Economy Growth at 4% in Third Quarter with Exports

The Index Today

According to Reuter’s poll, Taiwan’s economy is expected to grow at a slower pace this quarter due to its recent outbreak of Covid infections. The trade-reliant economy has although received support through its increasing exports and growing demand for semiconductors.

The poll showed GDP grew 7.4% in the second quarter, making it the slowest growth rate logged during the last quarter of the previous year. Major tech corporations such as Apple Inc and even Tesla rely greatly on Taiwan’s export of semiconductors as it remains the hub of the supply chain.

Economist Kevin Wang said, “At present, although exports in the third quarter have eased, they are still not bad. Investments seem to be ok too.” The rising demand for semiconductor manufacturing has helped boost production with exports in September recorded as the highest, crossing the previous 29.2% recorded last year.

The International Monetary Fund IMF predicts the country’s to rise to 5.9% from 4.7% as of April. On the other hand, power shortages in neighboring country China has massively hurt its production and growth this year. The revised figures for growth along with preliminary figures are expected to be released next month.

©Photo: wfb-bremen.de

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