News
Wholesale, retail and food services sales boost economy
Courtesy of ICRT, MOEA
Taiwan's economy has witnessed a boost with February's catering and retail sectors hitting record revenues, spurred by the Spring Festival and strong demand in tech sectors.
The Ministry of Economic Affairs today released its report on the current economic situation, reporting a 1.3% year-on-year increase in exports. That marks the fourth consecutive month of growth, driven by artificial intelligence, high-speed computing, and cloud services.
Despite global economic uncertainties, such as the US-China tech dispute and geopolitical risks, Taiwan's domestic market shows resilience with significant increases in retail and catering revenues. The MOEA reported that wholesale trade for the first two months of 2024 had risen by 9.1% compared to the same period in 2023 while retail sales and food services sales had risen by 4.3% and 5.7%, respectively.
With the global economy projected to grow by 2.6%, the outlook for Taiwan remains optimistic, supported by emerging technologies and a stable labour market, signaling continued economic momentum.
