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Taiwan's economy expands 3.78% in third quarter

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Taiwan's economy grew a better-than-expected 3.78 per cent in third quarter, boosted by corporate investment, preliminary data showed on Friday.

[TAIPEI] Taiwan's economy grew a better-than-expected 3.78 per cent in third quarter, boosted by corporate investment, preliminary data showed on Friday.

The increase in July-September beat forecasts of 3.62 per cent and represents the best performance since the final three months of 2012, as demand for electronics, machinery and metals continued to grow, the Directorate General of Budget, Accounting and Statistics said.

The figure shows a gradual improvement in the economy, which expanded 3.24 per cent in the first three months of the year and 3.74 per cent in April-June.

Full-year growth for 2014 was estimated at 3.41 per cent, according to an August forecast, putting Taiwan on course to enjoy its best 12 months since 2011.

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Domestic capital spending rose 7.89 per cent on-year in July-September, boosted by airlines buying new planes as well as semiconductor companies expanding their production capacities, the agency said.

However, private consumption in the quarter came in at a lower-than-expected 2.43 per cent on-year, hit by a food safety scandal in September and rising consumer prices, it added.

Hundreds of tonnes of products were removed from sale in the damaging "gutter oil" scandal that brought down Taiwan's health minister and dealt a severe blow to the island's food industry.

AFP

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