Taiwan’s economy is expected to have grown faster in the first quarter of 2024, thanks to a rebound in exports driven by increased demand for technology used in artificial intelligence applications. A Reuters poll of 18 economists revealed a range of predictions for GDP growth in the first quarter, with forecasts varying from 4.2% to as high as 7%.
The strong performance in exports, particularly in the tech sector, has contributed significantly to the overall growth of the economy. In the first quarter, exports increased by 12.9% year-on-year, a significant jump from the 3.4% growth in the fourth quarter of 2023.
Mickey Liao, an analyst at SinoPac Securities Investment, noted that the manufacturing sector is benefiting from the strong export performance, leading to low unemployment rates. While Taiwan’s statistics bureau raised its forecast for full-year 2024 growth to 3.43% earlier this year, up from a previous prediction of 3.35%, it remains a key player in the global technology supply chain with significant ties to major companies like Apple, Nvidia, and Taiwan Semiconductor Manufacturing Co.
Despite experiencing its slowest growth in 14 years in 2023 at only 1.31%, Taiwan’s economy is expected to show higher GDP growth for the year ahead. The preliminary GDP reading for Taiwan will be released soon, with revised figures expected to follow in the coming weeks, providing more detailed information and forward-looking forecasts on
