"Thanks to Semiconductors," Taiwan's Real GDP Growth Forecast Raised Again to 6.09% This Year

[Asia Economy Reporter Seulgina Jo] Taiwan has revised its 2021 real Gross Domestic Product (GDP) growth forecast, excluding price fluctuations, upward to 6.09% compared to the previous year.

According to the Nihon Keizai Shimbun on the 26th, Taiwan's Executive Yuan announced this at a press conference on the same day. This is 0.21 percentage points higher than the forecast of 5.88% announced in August.

The Executive Yuan of Taiwan has revised its forecast upward for the fourth time this year alone. It is analyzed that semiconductor production has driven the entire Taiwanese economy amid the ongoing global semiconductor supply shortage. The Executive Yuan stated, "Private facility investment is better than expected," adding, "Most of it is semiconductor-related, but investments in offshore wind power and solar power are also increasing."

The newspaper added that if the forecast is achieved, it would be the second-highest growth following 10.25% in 2010. Taiwan's real growth rate has remained at the 1-4% level since 2011.

The Executive Yuan of Taiwan presented a real growth rate forecast of 4.15% for Taiwan in 2022.

This content was produced with the assistance of AI translation services.