Taiwan Q2 preliminary GDP expands 5.09% y/y
Quarter-on-quarter, the economy grew at a seasonally adjusted annualised rate of 0.13 per cent
TAIWAN’S trade-dependent economy grew more than expected in the second quarter of 2024, thanks to stronger demand for new applications such as artificial intelligence (AI)-related products.
Taiwan is a key hub in the global technology supply chain for companies such as Apple and Nvidia, and home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing (TSMC).
Gross domestic product grew by a preliminary 5.09 per cent in the April-June period from a year earlier, the statistics agency said on Wednesday (Jul 31), beating the 4.8 per cent growth forecast by analysts in a Reuters poll, but slower than the 6.56 per cent expansion in the first quarter.
Quarter-on-quarter, the economy grew at a seasonally adjusted annualised rate of 0.13 per cent.
Shipments from the technology sector, boosted by global demand for AI-related products, will likely help the economic momentum.
Second-quarter exports rose 9.9 per cent versus the same period in 2023, compared with the first quarter’s annual expansion of 12.9 per cent.
The economy in China, Taiwan’s largest export market, grew much more slowly than expected in the second-quarter, expanding 4.7 per cent, its slowest since the first quarter of 2023 and missing a 5.1 per cent analyst forecast in a Reuters poll. REUTERS
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