Taiwan updates its prediction for GDP growth in 2024 to 3.43% as exports increase.
Taiwan updates its prediction for GDP growth in 2024 to 3.43% as exports increase.
Taiwan: The statistics agency announced on Thursday that Taiwan's trade-based economy is anticipated to develop at a quicker rate in 2024 than previously anticipated, as export demand for the island's high-tech exports starts to rebound.
Taiwan is home to Taiwan Semiconductor Manufacturing Co Ltd (TSMC), the largest contract chipmaker in the world, and is a crucial link in the global technology supply chain for businesses like Apple Inc. and Nvidia.
Despite a prolonged period of declining worldwide demand for its high-tech products, domestic spending has remained comparatively robust, which has caused the island's economy to struggle.
Taiwan's gross domestic product for 2024 is revised upward from 3.35 percent to 3.43 percent, according to the Directorate General of Budget, Accounting and Statistics. forecast that was released in November.
That would be a significant increase over the 1.31 percent growth forecast for 2023 that was reported.
The statistics department said that the economy grew by 4.93 percent in the fourth quarter compared to the same period last year, somewhat downgrading an initial figure of 5.12 percent.
The statistics office revised its forecast for 2024 export growth to 6.14 percent from 6.33 percent last year.
No comments