Taiwan’s financial system grew with surprising pace via the summer time and early fall, driving excessive on sturdy exports and a rebound in consumption spurred on by the island’s success in preventing the coronavirus pandemic.
GDP progress got here in at 3.3% for the third quarter from a yr in the past, the very best determine in additional than two years, Taiwan’s statistics bureau reported Friday. The consequence places Taiwan on monitor to be one of many few main economies on the planet to develop this yr, some analysts stated.
“It’s an enormous upside shock to us,” stated Ma Tieying, a Singapore-based economist at DBS Bank. Ms. Ma was amongst a number of analysts who projected Taiwan’s GDP to finish up someplace between flat and 1% progress for the quarter.
The attention-popping consequence affords validation for the strict Covid-19 controls officers imposed early on in Taiwan, which hasn’t reported a case of native transmission in additional than 200 days. The island has recorded a complete of 553 Covid-19 instances and 7 deaths.