OPTIMISM: Increased public expenditure and a ‘mild’ COVID-19 outbreak that allowed companies to operate normally helped the economy grow last quarter, the DGBAS said

Taipei Times
Date: May 01, 2020
By: Crystal Hsu / Staff reporter

Taiwan’s economy expanded a mild 1.54 percent last quarter from a year earlier, thanks to government spending and private investment, as the COVID-19 pandemic affected consumer activity, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.

The growth rate missed the agency’s forecast in February by 0.26 percentage points and was the lowest in 15 quarters, as Taiwan was not spared the impact of the pandemic, which has infected 3.2 million people globally and killed more than 228,000.

“The coronavirus has hurt the economy harder than expected after spreading across Europe and the US,” National Income Section head Yu Ming-chun (游敏君) said.

Asked about forecasts for full-year growth, Yu said the agency would give an update later this month.
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