Taiwan cuts 2024 GDP growth forecast amid weaker exports
The statistics agency now sees 2024 exports growing by 8.71% versus last year, down from 10.06% predicted earlier
TAIWAN’S trade-driven economy is expected to grow at a slightly slower pace in 2024 than previously forecast, with exports weaker than projected, despite an AI boom that has boosted demand for tech products, the statistics office said on Friday (Aug 16).
Gross domestic product is now expected to expand by 3.90 per cent this year, the Directorate General of Budget, Accounting and Statistics said, lower than the 3.94 per cent forecast it issued in May.
The statistics agency now sees 2024 exports growing by 8.71 per cent versus last year, down from 10.06 per cent predicted earlier. In 2023, exports dropped by 9.8 per cent year-on-year.
Taiwan is a key link in the global technology supply chain for companies such as Apple and Nvidia, and is home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC).
The statistics office forecast the 2025 consumer price index at 1.91 per cent, which would be slightly below the central bank’s 2 per cent target as well as below the 2.17 per cent forecast for this year. REUTERS
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