TAIPEI (Reuters – Taiwan’s trade-reliant economic growth is likely to be slightly higher in the fourth quarter, supported by high tech exports but not at the same pace as earlier this year. A Reuters poll revealed that.

The poll of 25 economists suggests that gross domestic product (GDP), grew by 3.8% in December-October versus the previous year, compared to the year before. This is after the 3.7% increase in GDP in the third-quarter.

However, this would still be below the 7.43% and 8.92% growths in the previous quarters.

The policymakers expect growth in full-year 2021 to be slightly higher than 6%. This pace would mark the most rapid rate of growth in more than 10 years, after a 10.25% rise in 2010.

Preliminary GDP data are due to economists on Thursday. They range from 2.7% growth to as high as 4.9%.

As a key hub in the global technology supply chain for giants such as Apple Inc (NASDAQ:), Taiwan’s economy has outperformed many of its regional peers during the COVID-19 pandemic as it benefited from robust demand for its tech exports during the work-and-study-from-home trend.

Domestic consumption was affected by the rare increase in COVID-19 transmissions from communities beginning mid-May, and strict curbs on gatherings.

Although the outbreak is now over, authorities are still on alert for Omicron variants infections in some areas. These were first reported earlier this month. However, restrictions on activities by people have been minimal.

Fitch Solutions reported last week that retail sales rose between September and November. This indicates a rebound in consumer spending.

It stated that “the emergence of highly infectious variants such as Omicron and strict COVID-19 precautions are a downside to our outlook.”

Due to a worldwide shortage of chips, demand has also soared at Taiwan Semiconductor Manufacturing Co Ltd. (TSMC). This is because some lines have been shut down and consumer electronics affected.

Taiwan’s 2021 exports grew 29.4%, a new record.

China was Taiwan’s most important trading partner and the economy grew by 8.1% and 4.0% respectively in 2021. However, this pace is faster than predicted and still slower than the 2nd quarter 2020 due to weak consumption and an economic downturn.

Taiwan’s preliminary figures are expected to be made public in a brief statement. A few weeks later, revised figures with additional details and forecasts will be published.

This story has been updated to correct date information.

(Poll compilation by Devayani Sathyan and Prerana Bhhat, Carol Lee; Reporting from Ben Blanchard; Editing done by Kim Coghill