TAIPEI (Xinhua) – Taiwan’s real gross domestic product (GDP) grew by 3.63 per cent year on year during the third quarter of 2014, according to preliminary data released by the island’s budget authority on Friday.
The annual GDP growth of 2014 is predicted to grow 3.43 per cent, the authority said in a statement.
Increasing internal demand and manufacturing growth were the main drivers behind the economic growth in the third quarter.
The catering sector posted a turnover growth rate of 2.55 per cent, contracting from 4.58 per cent in the second quarter. However, the overall retail sales grew by 4.75 per cent thanks to auto sales and increasing tourists.
Figures show that Taiwan’s GDP will be expected to grow by 2.83 per cent in the fourth quarter of the year.