Taiwan's economy grows by 2.91% in third quarter

Performance better than economies of South Korea, Hong Kong, Singapore

(Port of Kaohsiung photo)

(Port of Kaohsiung photo)

TAIPEI (Taiwan News) — Taiwan’s economic growth was revised upwards to 2.91 percent from the 2.67 percent predicted for the third quarter of 2019, performing better than the three other Asian Tigers.

The island’s Q3 GDP growth rate is 0.24 percent higher than the government’s forecast in August. This puts Taiwan ahead of Hong Kong (-2.9 percent), Singapore (0.1 percent), and South Korea (2 percent), according to a report by the Directorate-General of Budget, Accounting and Statistics.

Despite a 0.81 percent contraction in exports during the period between July and September, Taiwan fared better than the other Asian Tigers in terms of exports. Increased export orders amid the U.S.-China trade war and returnee investment by Taiwanese businesses based overseas have helped cushion the conflict's economic impact on the island, reported Liberty Times.

Investment plans from 142 Taiwanese companies operating in foreign countries have received the green light from the Ministry of Economic Affairs as of early October, according to the report. The companies have also seen a 15 percent increase in exports, with imports of capital equipment growing by a considerable 40 percent.

The board of directors of the Central Bank on Thursday (Oct. 31) advised against following in the footsteps of some countries and cutting interest rates on the grounds of Taiwan’s relatively robust economic data, wrote CNA.

Updated : 2021-01-27 02:55 GMT+08:00