Taiwan Q3 preliminary GDP beats forecast on solid AI demand
2024.10.31 04:33
TAIPEI (Reuters) – Taiwan’s trade-dependent economy grew more than expected in the third quarter of 2024, thanks to stronger demand for new applications such as artificial intelligence-related products.
Taiwan is a key hub in the global technology supply chain for companies such as Apple (NASDAQ:) and Nvidia (NASDAQ:), and home to the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co.
Gross domestic product grew by a preliminary 3.97% in the July-September period from a year earlier, the statistics agency said on Thursday, beating the 3.4% growth forecast by analysts in a Reuters poll, but slower than the 5.06% expansion in the second quarter.
Quarter-on-quarter, the economy grew at a seasonally adjusted annualised rate of 4.38%.
Third-quarter exports rose 8.04% versus the same period in 2023, compared with the second quarter’s annual expansion of 9.9%.
Sluggish growth in China, Taiwan’s largest export market, has not helped – the economy there grew at the slowest pace since early 2023 in the third quarter.
