TAIPEI (TVBS News) — Taiwan reported on Wednesday (April 30) a significant economic growth rate of 5.37% for the first quarter, marking the highest in four quarters and the second highest in 15, according to the Directorate General of Budget, Accounting, and Statistics (DGBAS, 主計總處).
The DGBAS attributed this surge to better-than-expected performances in goods exports and capital formation, revising its February forecast upward by 1.91 percentage points. It highlighted robust demand for AI and emerging technologies, along with easing supply bottlenecks for high-end ICT products.
Goods exports, calculated in U.S. dollars, increased by 17.47% year-over-year, while real export growth, adjusted for inflation, hit 20.11%. Net foreign demand contributed 1.03 percentage points to economic growth, the agency noted.
Emerging technology demand fueled a substantial increase in corporate investment, with capital equipment imports rising by 73.51% in New Taiwan dollars. Domestic investment in machinery, construction, and intellectual property also grew, leading to a real capital formation growth of 14.72%, contributing 3.7 percentage points to economic growth.
Private consumption saw a 1.22% real growth, driven by the Lunar New Year holiday effect and continued overseas travel enthusiasm. However, the agency reported a slight decrease of 0.88 percentage points from the forecast due to a high base. Domestic consumption grew by 0.28%, while overseas consumption surged by 18.46%, though travel expenses did not impact the overall GDP.