GDP rises 2.98% in 2020
Courtesy of ICRT
Taiwan's economy grew 2.98% in 2020, beating a November forecast because of strong electronics and information technology exports in the fourth quarter, according to an advance estimate by Taiwan's statistics bureau, the Directorate General of Budget Accounting and Statistics (DGBAS).
The country's gross domestic product (GDP) growth surpassed the 2.54% growth previously forecast and was the highest since 2018.
It was also higher than China's economic growth for the same year for the first time in nearly 30 years.
The higher-than-expected number was the result of a strong fourth quarter, when the economy grew an estimated 4.94%, higher than the 3.28% previously forecast.
Analysts say soaring growth in overseas demand drove the fourth quarter surge, especially demand for products related to emerging technologies and the booming stay-at-home economy and a rebound in orders for industrial goods.