TAIPEI, Oct 31 Reuters Taiwan39;s tradedependent economy grew more than expected in the third quarter of 2024, thanks to stronger demand for new applications such as artificial intelligencerelated products.

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

Gross domestic product grew by a preliminary 3.97 in the JulySeptember period from a year earlier, the statistics agency said on Thursday, beating the 3.4 growth forecast by analysts in a Reuters poll, but slower than the 5.06 expansion in the second quarter.

Quarteronquarter, the economy grew at a seasonally adjusted annualised rate of 4.38.

Thirdquarter exports rose 8.04 versus the same period in 2023, compared with the second quarter39;s annual expansion of 9.9.

Sluggish growth in China, Taiwan39;s largest export market, has not helped the economy there grew at the slowest pace since early 2023 in the third quarter.

Reporting by Ben Blanchard, Jeanny Kao and Faith Hung; Editing by Christopher Cushing

Source Reuters