Taiwan economic growth in second quarter better than expected at 3.29%

Exports and consumption by the public fueled the improvement: DGBAS

Taiwan likely achieved 3.29% growth in second quarter.

Taiwan likely achieved 3.29% growth in second quarter. (By Central News Agency)

TAIPEI (Taiwan News) – Taiwan’s economic growth for the second quarter of 2018 came in better than expected at 3.29 percent, the government estimated Tuesday.

According to data from the Directorate General of Budget, Accounting and Statistics (DGBAS), growth for the period will amount to 3.08 percent instead of 3.29 percent due to stronger-than-expected exports and private consumption, the Central News Agency reported.

In May, the DGBAS put economic growth for all of 2018 at 2.6 percent, with the first half of the year performing better than the second. As last year’s second half was strong, this year’s would not show similar strong growth, CNA reported.

A major factor in the better figures for the second quarter was Taiwan’s export performance, with a total value of US$84.09 billion recorded, or a full US$600 million more than the US$83.44 billion initially projected.