(Reuters) – Taiwan’s economy is expected to have expanded 3.61% year-on-year in the fourth quarter, a Reuters poll showed, as the export-dependent island continued to shake off the coronavirus jolt with a return of strong shipments and consumer confidence.
The trade-dependent economy grew 3.92% in the third quarter from a year earlier, in a solid rebound from a 0.58% contraction in the second quarter.
Taiwan, a key hub in the global technology supply chain for tech giants such as Apple Inc, is expected to have posted slightly slower gross domestic product (GDP) growth of 3.61% on year in October-December, according to the poll of 14 economists.
Predications varied widely from growth of 2.1% to as high as 6.83%.
Exports in 2020 rose 4.9% to $345.28 billion, a record high by value for a single year.
In December, Taiwan’s central bank revised up its growth outlook for this year.
It raised its 2020 forecast for GDP growth to 2.58% from 1.6% predicted in September, and projected 2021 growth at 3.68%, compared with 3.28% seen at its last quarterly meeting.