Taiwan’s gross domestic product grew 4.94 percent in the fourth quarter of 2020, 1.66 percent above the November forecast, according to the Cabinet-level Directorate-General of Budget, Accounting and Statistics Jan. 29.

The outperformance can be attributed to the repatriation of global supply chains during the COVID-19 pandemic, as well as robust domestic and overseas demand, the DGBAS said.

According to the DGBAS, overall exports grew 11.73 percent year on year as orders for traditional manufacturing goods picked up. This was backed by strong shipments for electronics components and information and technology products, it added.

Decline in personal spending was also lower than predicted at only 1.1 percent, the DGBAS said. Although the reintroduction of strict border controls in many countries led to a steep decrease in overseas consumption, private domestic spending grew by 4.26 percent.

Higher-than-expected results in both exports and spending for Q4 led the DGBAS to revise Taiwan’s overall GDP growth estimate for 2020 upwards to 2.98 percent.

Annual per capita GDP is expected to increase further to US$30,083 this year, with the consumer price index rising 1.16 percent, the DGBAS said. (DL-E)