Preliminary Q4 GDP 5.12 yy vs Q3 2.32 Reuters poll 4.35
GDP Q4 growth at seasonally adjusted annual rate of 8.79
2023 preliminary GDP 1.4 vs previous forecast 1.42, 2022 GDP 2.45
GDP is expected to expand 3.2 this year analyst

TAIPEI, Jan 31 Reuters Taiwan39;s tradedependent economy grew faster than expected in the fourth quarter thanks to strong domestic consumption and a rebound in exports, expanding 1.4 for the full year of 2023.

Taiwan is a key hub in the global technology supply chain for companies such as Apple Inc and home to the world39;s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd TSMC.

Gross domestic product in the OctoberDecember period grew by a preliminary 5.12 from a year earlier, the statistics agency said on Wednesday, beating the 4.35 growth forecast by analysts in a Reuters poll.

Quarteronquarter, the economy expanded at a seasonally adjusted annualised rate of 8.79.

GDP increased 2.32 yearonyear in the third quarter.

Domestic consumption has also bounced back well following the COVID19 pandemic. Last week, restaurant chain Wowprime said it aims to hire some 400 new employees in the first quarter given booming demand.

In the fourthquarter, Taiwan was gradually turning back to the normal exportsdriven growth track and private consumption remains at normal growth level, offsetting declines in investments, said analyst Chengyu Liu of First Capital Management.

Liu expected exports would rise by 45 this year on an…