TAIPEI: Taiwan's economy grew last year at its fastest pace in more than a decade, driven by a surge in tech exports during the COVID-19 pandemic to support a trend of people working and studying from home, as well as global demand for chips.
For 2021, initial gross domestic product growth was put at 6.28 per cent, compared with 3.11 per cent the previous year, preliminary data from the statistics agency showed on Thursday.GDP grew a preliminary 4.88 per cent in the fourth quarter of 2021 from a year earlier after a rise of 3.7 per cent in the period from July to September. That was well above the increase of 3.8 per cent forecast in a Reuters poll.
However, it lagged growth of 7.43 per cent in the second quarter and 8.92 per cent in the first quarter. As a key hub in the global technology supply chain for giants such as Apple, Taiwan's economy has outperformed many regional peers during the pandemic as it benefited from robust demand for tech exports as more people turned to working and studying from home.
Taiwan's exports rose 29.4 per cent in 2021 to a record high, and the economy continues to benefit from strong global demand for its high-tech goods and chips.Source: Reuters
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