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(Bloomberg) — Taiwan’s economy grew at its fastest since 1987, overcoming disruptions caused by the war in Iran as the island continues to ride demand for its tech products supporting the build-out of artificial intelligence computing.
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Gross domestic product expanded almost 13.7% in the first quarter from a year earlier, compared with about 12.7% in the previous three months, according to a statement by the statistics bureau in Taipei on Thursday. That was faster than all estimates in a Bloomberg survey of economists, whose median was for a slowdown to 11.3%.
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The statistics bureau attributed the better-than-expected figure to surprisingly strong exports, investment and private consumption. Domestic demand contributed slightly more than 4 percentage points to last quarter’s growth.
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“The tech super-cycle remains constructive despite all the noise from the Middle East conflict,” said Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd. “Even if the headline figure moderates to single digits, the high base in the first quarter will easily place Taiwan as an outperformer in Asia.”
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The surprise pickup eases concerns over the fallout on the economy from the shock to global energy prices following the war launched by the US and Israel against Iran. Taiwan’s exports — the cornerstone of the island’s $922 billion economy — reached an all-time high in March, jumping almost 62% from a year earlier.
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Taiwan’s economy was already among the world’s seven best performers last year, expanding close to 8.7%. The central bank and the statistics bureau had both forecast GDP growth at around 11.5% in the first quarter.
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—With assistance from Fran Wang.
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