Stock Groups

Taiwan GDP storms to decade high in 2021 on strong exports -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILE PHOTO – Residential buildings in Taipei (Taiwan), February 19, 2021. REUTERS/Ann Wang

TAIPEI (Reuters – Taiwan’s economy grew at an unprecedented pace last year, thanks to a spike in tech exports following the COVID-19 epidemic. The surge was driven by a shift in people studying and working from home as well as a rising global demand for chip chips.

Preliminary data released by the stats agency on Thursday showed that the initial growth in gross domestic product (GDP), for 2021 was 6.28%, as compared to 3.11% last year.

This was the fastest rate since 2010.

After a 3.7% increase in July-September, the preliminary GDP growth in the fourth quarter 2021 was 4.88%. This was much higher than the 3.8% increase forecast by Reuters.

It lacked growth by 7.43% and 8.92% respectively in the second quarter.

Taiwan is a major hub for global tech supply chains for companies like Apple Inc (NASDAQ):. Taiwan’s economy outperformed other regional economies during the pandemic. This was due to strong demand for technology exports and more people choosing to work from home.

Taiwan’s 2021 exports rose by 29.4%, a new record. The economy is still a beneficiary of strong global demand.

The agency reported that total fourth quarter exports rose 26.01% compared to the previous year.

 

 

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]