Taiwan’s [economy][1] grew at a faster pace in the fourth quarter driven by robust foreign demand for electronic products, advance estimate from the Directorate General of Budget, Accounting & Statistics showed Friday.
Gross domestic product grew 4.94 percent year-on-year in the fourth quarter, faster than the 3.92 percent expansion in the third quarter. Economists had forecast the annual growth to ease to 3.61 percent.
Private consumption fell 1.1 percent, while government spending advanced 4.77 percent in the fourth quarter. Gross capital formation decreased 1.4 percent.
Driven by the strong foreign demand for parts of electronic products, as well as information, communication and audio-video products, exports logged a robust growth of 5.65 percent. On the other hand, imports were down 2.77 percent.
On a quarter-on-quarter seasonally-adjusted annualized basis, GDP expanded 7.77 percent. However, this was much weaker than the 16.59 percent growth logged in the third quarter.
In the whole year of 2020, GDP expanded 2.98 percent versus 2.96 percent in 2019.
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