Taiwan's GDP Growth Hits 7-Quarter High of 3.78% in Q3, 2014

Due to better-than-expected exports, Taiwan's GDP growth in Q3 is estimated at 3.78%, up 0.16 of a percentage point from the prediction in August to set a 7-quarter high, according to the Directorate General of Budget, Accounting & Statistics (DGBAS).

The island's GDP growth in the first three quarters averaged 3.59%, and could reach 3.5% in 2014 if the economic climate remains stable, higher than the 3.41% forecasted in August.

DGBAS officials say the hot selling of iPhone 6 globally has helped drive the export of Taiwan's electronic items. In Q3 Taiwan's export grew 7.3% year-on-year, up 1.51 percentage points from the earlier prediction, with electronic items showing a double-digit rise.

In the same quarter Taiwan's inbound travelers surged  21.8%, having come mainly from China, Japan and South Korea, with S. Koreans up 40%.

The annual growth of consumer price index (CPI) rose a moderate 1.51% in Q3, with average dining-out expenditure up 4.41%. During the quarter the number of private sedans registered jumped 16.3% and the overall retail sales grew 4.8%. However, the private spending rose 2.43%, lower than the expected 2.8%. (JL)