TAIPEI: The seemingly insatiable global demand for smart phones and other high-tech products gave Taiwan’s economy a welcome boost in the January to March period, official data showed Friday.
The island is home to several key suppliers for Apple’s iPhone and is optimistic growth will continue as the global economic outlook improves.
Growth in the first quarter was 2.60 percent year-on-year, bolstered by the strongest exports Taiwan has seen in almost six years.
In particular, shipments of electronic components surged 19.24 percent, coming from a low base a year earlier.
“With our leading edge in semiconductor manufacturing, and emerging demand for automotive electronics, internet of things (IoT), and artificial intelligence, we can expect to maintain export momentum,” the Directorate-General of Budget, Accounting and Statistics said in a statement.
Taiwan’s industry giants include Foxconn and Taiwan Semiconductor Manufacturing Company (TSMC).
Full-year GDP growth was revised up 0.13 percentage points to 2.05 percent.