Taiwan revises up 2024 GDP growth forecast as exports recover
TAIPEI (Reuters) — Taiwan's trade-based economy is expected to grow at a faster clip in 2024 than previously forecast, as export demand for the island's high-tech products begins to recover, the statistics office said on Thursday.
Taiwan is a key link in the global technology supply chain for companies such as Apple Inc (NASDAQ:AAPL) and Nvidia (NASDAQ:NVDA), and is home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC).
The island's economy has struggled through a long period of flagging global demand for its high-tech goods, though domestic consumption has remained relatively strong.
Taiwan's gross domestic product for 2024 is now expected to be 3.43% higher than last year, the Directorate General of Budget, Accounting and Statistics said, revising upward the 3.35% forecast it issued in November.
That would be much higher than the 1.31% growth rate recorded for 2023.
The economy expanded by 4.93% in the fourth quarter from a year earlier, the statistics department said, slightly revising down a preliminary 5.12% reading.
The statistics agency now sees 2024 exports climbing 6.14% versus last year, compared with 6.33% predicted earlier.
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