An Albatross unmanned aerial vehicle ready to take off during live-fire drills at Hengchun Airport … [+]
Taiwan’s economy shrugged off fallout from heighted military tension with Beijing and grew by 4.01% in the three months to Sept. 30 from a year earlier, according to a government report on Tuesday.
China carried out military exercises in the waters around Taiwan that appeared to simulate an attack following the August visit to Taipei by U.S. House of Representatives Speaker Nancy Pelosi. Beijing claims sovereignty over Taiwan, a self-ruled democracy of 24 million people.
Third-quarter GDP came in only 0.09 percentage point below an earlier forecast, the Directorate General of Budget, Accounting and Statistics said. Private final consumption growth of 6.95% from a low base a year earlier buoyed the GDP gain in the third quarter.
For all of 2022, private consumption is projected to grow by 3.29%. “As the domestic Covid-19 control restrictions are being eased, consumption is (returning) to normality,” DGBAS said. “Growth also benefits from the improvement of employment and wage lift.”
The government, however, lowered its overall forecast for GDP growth in 2022 to 3.06% from 3.76%; for 2023, it now projects GDP growth of 2.75%, down from an earlier forecast of 3.05% amid a global slowdown.
Taiwan has the world’s 22nd largest economy; its businesses that rank on the Forbes Global 2000 list of the world’s top publicly traded companies include Hon Hai Precision — the big supplier to Apple led by billionaire Terry Gou, and Taiwan Semiconductor Manufacturing Corp., or TSMC, which makes computer chips for Intel. Other Apple suppliers from Taiwan include Pegatron, Lite-On Technology, Inventec, Catcher Technology, Largan Precision and Compeq Manufacturing.
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