Taiwan revises up 2024 GDP growth forecast to 3.43% as exports recover

Taiwan’s trade-based economy is expected to grow at a faster clip in 2024 than previously forecast, as export demand for the island’s high-tech products begins to recover, the statistics office said on Thursday (Feb 29).

Taiwan is a key link in the global technology supply chain for companies such as Apple and Nvidia, and is home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co (TSMC) .

The island’s economy has struggled through a long period of flagging global demand for its high-tech goods, though domestic consumption has remained relatively strong.

Taiwan’s gross domestic product for 2024 is now expected to be 3.43 per cent higher than last year, the Directorate General of Budget, Accounting and Statistics said, revising upward the 3.35 per cent forecast it issued in November.

That would be much higher than the 1.31 per cent growth rate recorded for 2023.

The economy expanded by 4.93 per cent in the fourth quarter from a year earlier, the statistics department said, slightly revising down a preliminary 5.12 per cent reading.

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The statistics agency now sees 2024 exports climbing 6.14 per cent versus last year, compared with 6.33 per cent predicted earlier. REUTERS