Financial News: Taiwan Economy Expands 6.51%, Most In Nearly 3

Taiwan Economy Expands 6.51%, Most In Nearly 3 Years

04/30/2024 - 07:40:00 (RTTNews)

(RTTNews) - Taiwan's economy expanded at an accelerated pace in the first quarter of 2024, driven by favourable net external demand, according to advance estimates by the Directorate General of Budget, Accounting, and Statistics, or DGBAS, revealed on Tuesday.

Gross domestic product, or GDP, advanced 6.51 percent year-on-year in the March quarter, faster than the 4.93 percent increase in the December quarter. The expected growth rate was 5.50 percent.

Further, this was the strongest growth since the second quarter of 2021, when GDP had risen 8.07 percent.

On the expenditure side, private final consumption grew by 4.14 percent over the year, and government final consumption rose by 1.26 percent. Exports of goods and services surged 10.21 percent annually in the first quarter, while gross capital formation in the domestic economy contracted by 4.47 percent.

On a quarter-on-quarter seasonally-adjusted annualised basis, GDP rose 1.13 percent, slower than the 9.70 percent expansion a quarter ago.

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