TAIPEI (Taiwan News) — The economy likely grew by 8.16 percent during the first quarter of 2021, the fastest pace since the final quarter of 2010, the government said Friday (April 30).

The new figure is also 1.96 percent higher than the previous estimate by the Cabinet-level Directorate-General of Budget, Accounting and Statistics (DGBAS), CNA reported.

The expansion of domestic manufacturing capacity and the continued high level of domestic investment, as well as exports and investments doing better than expected, are the main factors contributing to the GDP surge.

Just a week earlier, one of the country’s main think tanks, the Taiwan Institute of Economic Research (TIER, 台經院), said it expects growth for the whole of 2021 to surpass 5 percent.

All through the COVID-19 pandemic, Taiwan’s economy has developed at a brisk pace. A recent global shortage of semiconductors for the automotive industry has brought attention to the country’s crucial role in global supply chains for the electronics sector.