TAIPEI (Taiwan News) – Taiwan’s economic growth will surge to 3.94% this year, its highest level in three years, the government said Thursday (May 30).
The previous forecast by the Directorate General of Budget, Accounting and Statistics (DGBAS) put the expansion of the country’s gross domestic product (GDP) 0.51% lower at 3.43%. At a news conference Wednesday (May 29), officials predicted that the new official estimate would be higher than 3.5%.
The rapid development of AI technology and High Performance Computing were behind the improved picture, Radio Taiwan International (RTI) reported. Exports of new technologies, semiconductors, and information products would be the main drivers for GDP growth during the year, according to the DGBAS.
Product exports were likely to increase by 10.06% from 2023 to reach US$475.9 million (NT$15.42 billion). If service sector exports are included but inflationary factors left out, the total increase for 2024 would be 8.44% compared to 2023. The new estimate for the export rise was 2.54% higher than the previous DGBAS forecast.