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進入《TAIPEI TIMES 焦點》 GDP grows 2.06 percent in Q3, beating forecasts
Directorate-General of Budget, Accounting and Statistics officials yesterday announce the nation’s latest GDP data at the Executive Yuan in Taipei. Photo: Cheng Chi-fang, Taipei Times
By Crystal Hsu / Staff reporter
The nation’s economy expanded 2.06 percent last quarter, better than August’s official estimate of 1.99 percent, as the government and semiconductor firms stepped up their capital expenditure, which offset lackluster exports, the Directorate-General of Budget, Accounting and Statistics （DGBAS） said yesterday.
The figure, while the highest in six quarters, indicated an uneven and fragile recovery supported single-handedly by the electronics industry, while other sectors stalled, economists said.
“The government appears determined to raise GDP growth above the 1 percent level by shoring up funds in public construction projects,” Gordon Sun （孫明德）, economist at the Taiwan Institute of Economic Research （TIER）, said by telephone.
The data showed a 3.59 increase in government spending during the July-to-September period from a year earlier, which helped lift third-quarter economic growth by 0.5 percentage points, Sun said.
The government turned more active in executing budgets for various public construction projects and might introduce more stimulus measures this quarter to help boost domestic demand, especially in the tourism industry, Sun said.
Domestic demand increased 2.77 percent last quarter from a year earlier, adding 2.41 percentage points to GDP growth, the report said.
Retail and restaurant revenues rose 1.66 percent and 3.11 percent respectively from a year earlier, while spending by outbound travelers increased 11.9 percent, it said.
In addition, local semiconductor firms accelerated their capital spending by 7.97 percent last quarter, while domestic air carriers expanded their fleets, pushing up capital formation by 3.24 percent, the report added.
However, net external demand dragged GDP growth by 0.35 percentage points as exports fared weaker than expected, it said.
While the launch of Apple Inc’s iPhone 7 ramped up production at local component suppliers, it remains to be seen if the smartphone can outperform its predecessors and rivals during Christmas, Mega Securities Co （兆豐證券） economist Lucas Lee （李志安） said.
“Sell-through figures will tell if the inventory demand can be sustained,” Lee said, adding that Apple’s sales last quarter disappointed investors.
The decline in the number of Chinese tourists by 28.4 percent weakened exports, pulling down overall tourist numbers by 3.13 percent, even though tourists from other areas increased 14.84 percent, the report said.
The trend will weigh on local gift shops and hospitality providers, Sun said.
The manufacturing industry last quarter contributed the most to GDP growth with 1.58 percentage points, while the construction and public sectors weighed down on growth, the report said.
Electricity suppliers, hotel and restaurant operators, transportation and logistics providers, and property developers and brokers made insignificant contributions, the report said.
A series of interest rate cuts constrained interest income for lenders and benefited the sales of savings-like insurance policies, the report said.
The agency is to release detailed third-quarter GDP figures next month.
新聞來源：TAIPEI TIMES
