Taiwan economy expanded 3.33% in third quarterBETTER THAN EXPECTED: It was the best performance in nine quarters — reversing a downward trend in the second quarter — thanks mainly to robust exportsBy Crystal Hsu / Staff reporterTaiwan’s economy last quarter grew 3.33 percent, beating the government forecast of 2.01 percent, as demand for devices used in 5G equipment, as well as work-from-home and remote-learning trends, proved stronger than expected, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday. It was the best performance in nine quarters, reversing a downward trend in the second quarter, thanks to robust exports and soft imports that allowed external demand to more than offset languid private consumption, the agency said. Exports of electronic components in the third quarter surged 20.39 percent year-on-year, while shipments of information and communications technology products soared 20.64 percent, Wu said. Government agencies have commissioned public works ahead of schedule to shore up the economy, Wu said. Outbound travel shrank 97.8 percent, similar to a 98.94 percent slump in the second quarter, Wu said.

Source: Taipei Times October 30, 2020 15:56 UTC