Taiwan’s GDP up 3.84% in Q2 on trade, tourism growth

TAIPEI - Taiwan’s gross domestic product increased 3.84% on-year in Q2 of 2014, the highest in six quarters and 1.05% above forecast. The strong showing was attributed to growth of 4.5%, higher than the forecast 3.32%, in product and service exports. It is estimated that Taiwan’s real GDP was NT$3.9 trillion (US$129.8 billion) in Q2.

In service exports, the tourism sector saw growth of 30.56% in visitor arrivals in April and May, mainly from South Korea, mainland China and Japan in that order. “The manufacturing and trade of Apple Inc. mobile devices, machine tools, PCs and semiconductors also contributed to Taiwan’s GDP growth in Q2,” a Government official said.
Taiwan chalked up strong Q2 demand on the back of improved employment figures and vibrant stock market performance. Private consumption expenditure increased 2.6% from the same period last year, outperforming projections. Full-year GDP growth above 3% is now expected. www.taiwantoday.tw (ATI).