The strong showing was attributed to continuous gains in product and service exports, which saw growth of 4.45 percent, higher than the forecast 3.32 percent. It is estimated that Taiwan’s real GDP was NT$3.9 trillion (US$129.8 billion) in the last quarter.
According to the DGBAS, service exports include tourism and manufacturing. The tourism sector saw growth of 30.56 percent in visitor arrivals in April and May, mainly from South Korea, mainland China and Japan in that order.
“The manufacturing and trade of Apple Inc. mobile devices, machine tools, PCs and semiconductors also contributed to Taiwan’s GDP growth in Q2,” a DGBAS official said.
Taiwan chalked up strong Q2 demand on the back of improved employment figures and vibrant stock market performance. Private consumption expenditure increased 2.6 percent from the same period last year, also outperforming DGBAS projections.
Given the positive overall trend and strong private sector investment, it is expected the DGBAS will revise Taiwan’s full-year GDP growth to over 3 percent in August. (YHC-JSM)
Write to Taiwan Today at ttonline@mofa.gov.tw