Taiwan’s gross domestic product grew 3.31 percent in the fourth quarter of 2019, according to the Directorate-General of Budget, Accounting and Statistics Feb. 12.
Domestic demand remained the main growth driver, with private consumption up 2.63 percent bolstered by strong sales of automobiles and electric motorcycles, as well as booming retail and food and beverage sectors during the holiday shopping season.
Exports of goods and services gained 2.64 percent on the back of a double-digit increase in information and communication technology shipments, while imports picked up 4.44 percent as local semiconductor firms continued to ramp up production.
The DGBAS also adjusted Taiwan’s 2019 economic growth estimate to 2.71 percent, with per capita GDP reaching US$25,909 and the consumer price index rising 0.56 percent.
Although the global outbreak of the new coronavirus crisis remains a major factor impacting economic activity, the DGBAS forecasts Taiwan’s exports to gain an additional 2.85 percent in 2020. At the same time, private consumption is tipped to grow 1.58 percent, with CPI increases capped at 0.62 percent.
The numbers confirm Taiwan’s economic fundamentals are in good shape. London-based IHS Markit Ltd., a leading source of information and insight in critical areas shaping the international business landscape, predicts growth of 2.5 percent for the global economy in 2020.
Major countries such as the U.S., South Korea, Singapore and Japan expected to gain 2.1 percent, 1.6 percent, 1.2 percent and 0.6 percent, respectively over the year, according to IHS. (SFC-E)
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