Taiwan’s economy grew at a faster pace in the first quarter, preliminary figures from the Department of Statistics, Directorate General of Budget, Accounting & Statistics showed Thursday.
Gross domestic product expanded 3.46 percent year-over-year in the three months ended March, faster than a 3.35 percent growth in the previous three-month period. Economists had expected the growth rate to accelerate to 3.50 percent.
Ont the expenditure side, the real private final consumption grew 2.51 percent annually in the first quarter, as result of solid performance of transport and recreation-and-culture.
At the same time, gross capital formation contracted by 1.12 percent with decreasing in machinery and equipment investment.
Exports rose 5.88 percent and imports climbed 2.27 percent.
On the production side, the manufacturing sector was the main driver that expanded by 7.03 percent from the previous year, mainly due to output expansion of semiconductor, computer equipment and machinery.
GDP advanced 1.10 percent on a quarter-on-quarter annualized basis in the three-month period to March, but slower than the 4.75 percent growth seen in the December quarter.