Taiwan’s economy is predicted to have grown at a faster rate in the first quarter of the year, thanks to a rebound in exports. According to a Reuters poll of 18 economists, Gross Domestic Product (GDP) likely expanded by 5.65% year-on-year during January-March. This marks an improvement from the 4.93% growth seen in the fourth quarter of the previous year.
Taiwan’s technology exporters, particularly chipmakers, benefited from increased demand for products that power AI applications. This has helped the manufacturing sector regain momentum and kept unemployment levels low. Mickey Liao, SinoPac Securities Investment analyst, expects the first quarter to be the highest GDP growth this year, with a projected slip to 3.5% in the second quarter. The government’s statistics bureau raised its forecast for full-year 2024 growth to 3.43% in February, up from a previous prediction of 3.35%. Last year, Taiwan’s economy grew at its slowest pace in 14 years, expanding by only 1.31%.
Taiwan’s largest export market is China also saw faster-than-expected growth in the first quarter, expanding by 5.3% year-on-year. Taiwan plays an essential role in the global technology supply chain as a hub for companies like Apple, Nvidia and Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker. The preliminary GDP data for Taiwan will be released soon providing an initial indication of economic performance in the first quarter. Revised figures with more details and forward-looking forecasts will be released shortly after that.
In conclusion, Taiwan’s trade-dependent economy is showing signs of recovery thanks to increased demand for technology products that power AI applications and rebounding exports from key markets such as China. While there are concerns about future economic conditions beyond Q2 – including potential changes in government policies or geopolitical tensions – many analysts remain optimistic about Taiwan’s prospects for sustained growth over time.
The article can be written as follows:
Taiwan’s Economy Expected To Grow Faster In Q1 Driven By Rebound In Exports
According to a Reuters poll of 18 economists, Gross Domestic Product (GDP) likely expanded by 5.65% year-on-year during January-March in Taiwan’s trade dependent economy.
This marks an improvement from last quarter’s growth rate of 4.93%. The strong growth was supported by increased exports which grew by
