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進入《TAIPEI TIMES》 GDP figures beat forecast despite consumer slump
People shop on a traditional market in Taipei yesterday. Photo: CNA
By Crystal Hsu / Staff reporter
Taiwan’s economy last quarter grew 3.8 percent from a year earlier, beating the government’s August forecast by 0.49 percentage points, as strong private investment outweighed sluggish consumer activity, the Directorate-General of Budget, Accounting and Statistics （DGBAS） said yesterday.
Capital formation, a critical GDP component, lent support to the economy by 6.29 percentage points, the statistics agency said, attributing the trend to imports of capital equipment spiking 41.24 percent year-on-year and semiconductor equipment gaining 58.9 percent.
Local technology firms have revised up capital spending to meet capacity expansion needs and build wireless 5G infrastructure, it said, adding that local shipping companies have expanded their fleets to tackle global container shortages
Companies across sectors are investing in green energy sources in line with a global trend to cut carbon emissions, it said.
Overall capital formation, including in the private and public sectors, gained 27.97 percent, or 15.48 percentage points higher than predicted, it said.
Government expenditures grew 3.31 percent, also much higher than budgeted earlier, due to funding of COVID-19-related measures.
Pending further data, the statistics agency said it might raise its full-year GDP growth target to 6.01 percent, from 5.88 percent.
The agency expects strong numbers this quarter, even though private consumption last quarter declined 5.49 percent.
The slump was due to a level 3 COVID-19 alert implemented in May, which caused restaurant revenues to plummet 25.58 percent during the alert, it said.
The stock exchange was the only bright spot for private consumption, as daily turnover surged 79.67 percent from a year earlier and benefited securities houses and other financial institutions, it said.
However, the bourse’s contribution could diminish this quarter, as foreign capital has fled the region on expectation that the US Federal Reserve could taper its bond purchase program next month and increase interest rates next year.
新聞來源：TAIPEI TIMES
