Private investment boosts GDP

NEW ENERGY PROJECTS: State-owned enterprises would lend support with a 16.91 percent increase in investment next year, led by Taipower and CPC, the DGBAS said

Taipei Times
Date: Nov 30, 2019
By Crystal Hsu  /  Staff reporter

The economy expanded 2.99 percent year-on-year last quarter and could accelerate to 3.04 percent growth this quarter, as trade rerouting and 5G technology facilitated an increase in private investment, the Directorate-General of Budget, Accounting and Statistics (DGBAS) said yesterday.

Private investment, which rose 4.79 percent year-on-year during the third quarter, could register 7.61 percent growth this year, the fastest in seven years, as global technology companies seek to tap new 5G-related business with help from local chipmakers, IC designers and other critical component suppliers, the agency said.

That prompted the agency to raise its forecast for GDP growth this year to 2.64 percent and 2.72 percent for next year, up from 2.46 percent and 2.58 percent growth it forecast in August.

“It is difficult to separate contributions from supply chain realignment and 5G deployment if such breakdown is necessary or meaningful,” DGBAS Minister Chu Tzer-ming (朱澤民) told a news conference in Taipei.    [FULL  STORY]

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