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Taiwan’s economy likely grew by 3.33% in 3rd quarter

Previous government forecast estimated 2.01% growth, surging exports drive economy

Taiwan has revised its Q3 growth estimate from 2.01 to 3.33%. 

Taiwan has revised its Q3 growth estimate from 2.01 to 3.33%.  (CNA photo)

TAIPEI (Taiwan News) — 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 (Oct. 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.