Taiwan’s economy grew 4% in a quarter marked by heightened military tensions with mainland China
An Albatross Unmanned Aerial Vehicle about to take off during live fire exercises at Hengchun Airport … [+]
© 2022 Bloomberg Finance LP
Shrugging off the effects of heightened military tensions with Beijing, Taiwan’s economy grew 4.01% year on year in the three months ended Sept. 30, according to a government report on Tuesday.
China has been conducting military drills in the waters around Taiwan in what appeared to be a simulation of an attack following US House Speaker Nancy Pelosi’s visit to Taipei in August. Beijing claims sovereignty over Taiwan, a self-governing democracy of 24 million people.
Third-quarter GDP was just 0.09 percentage point below an earlier forecast, the Directorate-General for Budget, Accounting and Statistics said. Private consumption growth of 6.95% from a low base a year ago boosted GDP growth in the third quarter.
Growth in private consumption of 3.29% is forecast for 2022 as a whole. “As domestic control restrictions for Covid-19 are eased, consumption is returning to normal,” DGBAS said. “Growth also benefits from improving employment and wage increases.”
However, the government lowered its overall forecast for GDP growth in 2022 to 3.06% from 3.76%; for 2023, it now forecasts GDP growth of 2.75%, up from a previous forecast of 3.05% amid a global slowdown.
Taiwan has the 22nd largest economy in the world; Companies featured on the Forbes Global 2000 list of the world’s top public companies include Hon Hai Precision — Apple’s major supplier led by billionaire Terry Gou — and Taiwan Semiconductor Manufacturing Corp. or TSMC, which makes computer chips for Intel. Other Apple suppliers from Taiwan include Pegatron, Lite-On Technology, Inventec, Catcher Technology, Largan Precision and Compeq Manufacturing.
See related posts:
Taiwan’s ruling party crushed in local vote; Tech billionaire Terry Gou’s ex-executive at Foxconn elected mayor of tech hub
Americans in China should keep a 14-day supply of necessities as Covid restrictions expand, embassy says
@rflannerychina
Comments are closed.