《TAIPEI TIMES》 Economy grows 4.88％, tops forecast

EXPORT MOMENTUM: Increases in manufacturing and shipping helped outbound goods soar nearly 12 percent, as the tech sector upgrades capacity

By Crystal Hsu / Staff reporter

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Taiwan’s economy expanded 4.88 percent last quarter, beating the government’s forecast by 0.73 percentage points, given strong exports and industrial output, the Directorate-General of Budget, Accounting and Statistics （DGBAS） said yesterday.

The surprising performance meant that GDP growth last year reached 6.28 percent, contrasting with the 6.09 percent projected by the agency two months ago, its advance report showed.

“The increase in manufacturing capacity lent support to export momentum,” allowing GDP growth to outperform during the period from October to last month, it said.

Major Taiwanese chipmakers ramped up production to full capacity to meet demand for new and emerging technologies and applications, as the world presses ahead with a recovery despite recurring COVID-19 outbreaks, it said.

Outbound shipments soared 26.01 percent from a year earlier in US dollar terms, and cargo companies enhanced their services, DGBAS said.

Exports and services increased 11.92 percent, 1.57 percentage points higher than predicted, it said.

Imports, most of which stem from export needs, spiked 32.71 percent on the back of agricultural and industrial material price increases, but registered 1.46 percentage points lower than estimates when factoring in services, it said.

External demand generated 0.09 percentage points to fourth-quarter GDP prints, allowing domestic demand to uphold growth, DGBAS said.

Capital formation in the public and private sectors soared 13.92 percent year-on-year, contributing the bulk to growth last quarter, at 3.26 percentage points, it said.

Local semiconductor makers purchased capital equipment to upgrade technology and expand capacity, while shipping companies acquired vessels and containers amid unprecedented demand owing to partial lockdowns worldwide, DGBAS said.

Taiwanese companies are developing green energy sources to cut dependence on nuclear power, in a continued bid to reshape its electricity generation mix, it added.

The government contributed a larger expenditure to bail out companies that were severely affected by virus containment measures, it said.

Meanwhile, consumer spending swung into positive territory with a 1.62 percent increase after retailers and restaurants grew their revenue 5.73 percent and 4.22 percent respectively, it said.

The local bourse provided another highlight as daily turnover swelled 50.21 percent, signifying larger transaction fees for securities houses and advisories.

Private consumption was one of the few disappointments, contracting 0.22 percent last year, DGBAS said.

The future is less clear as authorities tighten social distancing measures to contain new local COVID-19 infections, it said.

新聞來源：TAIPEI TIMES