Revises 2024 GDP growth higher on AI, consumption at home
Raises 2024 exports outlook to 10.06
Central Bank likely to hold rates steady in June analyst

TAIPEI, May 30 Reuters Taiwan39;s tradereliant economy is expected to grow at a faster pace in 2024 than previously forecast, owing to high demand for artificial intelligence AI applications abroad and solid consumption at home, the statistics office said on Thursday.

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

Taiwan39;s gross domestic product this year is now expected to be 3.94 higher than last year, the Directorate General of Budget, Accounting and Statistics said, revising upward the 3.43 forecast it issued in February.

The higher forecast is mainly because of substantial exports, the agency told reporters. The key factor is AI, which is developing very fast.

Exports of electronic components, information and telecommunications and video and audio products hit 95.1 billion from January to April, rising 25.1 yearonyear, it said.

Exports in April rose for the sixth consecutive month, and may gain more momentum approaching the traditionally strong second half of the year, which bodes well for the island39;s economic growth amid booming demand.

The statistics agency now sees 2024 exports growing by 10.06 versus last year, up from 6.14 predicted…