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Taiwan Q3 economic growth highest in over two years

© AFP/File | Taiwan's third-quarter growth was the highest since 3.99 percent in the 2015 first quarter

TAIPEI (AFP) - 

Taiwan's economy grew 3.1 percent in the July-September period to a ten-quarter high thanks to robust overseas demand for consumer electronics products, the government said Friday.

Traditionally an export-driven technology hub, Taiwan is home to industry giants such as Foxconn and Taiwan Semiconductor Manufacturing Company (TSMC) -- key suppliers for Apple's iPhones.

Third-quarter growth was the highest since 3.99 percent in the 2015 first quarter, boosted by a 17.49 percent increase in exports, of which 14.99 percent was from electronic components, it said.

The island benefitted from global economic recovery and growing peak-season shipments for consumer electronic products in this period, said the Directorate-General of Budget, Accounting and Statistics.

"Export growth was impressive in the third quarter to a record amount and was better than our expectations. Private consumption was also boosted by travelling and new car purchases," said Yeh Maan-tzwu, an official at the agency.

Due to improving global outlook and strong trade, the agency also raised its fourth quarter forecast to 2.3 percent year-on-year, and 2017 full-year growth to 2.58 percent, the highest since 2014's 4.02 percent.

It estimated the economy would grow 2.29 percent in 2018 -- despite major government infrastructure projects planned to start next year -- due to a slowing in the upturn in export.

© 2017 AFP