TAIPEI (Taiwan News) — Taiwan’s Gross Domestic Product expanded by 4.94 percent during the final quarter of 2020, far better than the 3.28 percent predicted in November, the government said Friday (Jan. 29).
Investments and exports fueled the unexpected boom, helped by the government’s successful handling of the COVID-19 pandemic, according to the Cabinet-level Directorate General of Budget, Accounting and Statistics (DGBAS). Adding the estimate to figures for the previous three quarters, Taiwan’s economy grew by 2.98 percent over the whole year, more than the 2.54 percent previously forecast, CNA reported.
The domestic manufacturing sector continued investing, increasing its production capacity, while supply chains became more localized, the DGBAS said. In addition, exports reached a higher level than expected while domestic consumption contracted much less than economists had predicted.
The new figures came as the National Development Council and private think tanks also released positive financial data for December 2020. This indicated that despite the pandemic, Taiwan’s economy is still performing much better than other countries.