Taiwan’s economy gained 10.47 percent in 2010, the best performance since 1988, the Directorate-General of Budget, Accounting and Statistics said Jan. 31.
The DGBAS said per capita gross domestic product hit a record high of US$18,534, with the consumer price index inching up 0.96 percent. This was attributed to a better-than-expected performance in the fourth quarter both at home and abroad.
“The strong showing in the last three months of the year is due to improving global conditions as well as stronger domestic consumer confidence buoyed by rising employment and vibrant financial activity,” the DGBAS said.
Taiwan’s economy is forecast to grow 5.03 percent in 2011 on the back of sustained global and emerging market demand. Per capita GDP is predicted to surpass US$20,000 for the first time, reaching US$20,596.
“Capital investment by local firms last year will lift industrial output, while the Economic Cooperation Framework Agreement is set to pay dividends for sectors on the early harvest list,” the DGBAS said. These developments will see the country’s exports gain another 11.1 percent to US$305 billion.
Strong exports are expected to lift corporate profits and spur the job market and consumer confidence, the DGBAS said, adding that private consumption is predicted to grow 3.73 percent in 2011, with the CPI gaining 2.04 percent. (JSM)
Write to Meg Chang at meg.chang@mail.gio.gov.tw