TAIPEI (Taiwan News) – Taiwan’s economy grew an estimated 4.3% in 2024, its best performance in three years, the government said Friday.
The Directorate General of Budget, Accounting and Statistics named the exploding demand for AI products, better-than-expected exports, and even the concert economy as factors in its positive assessment. The success of AI and high power computing was also the driver behind increased investment by businesses, per CNA.
Taiwan’s 2024 performance also outranked other countries in the region, including South Korea with 2% and Singapore with 4%. Hong Kong will only publish its results for last year in February, but the first three quarters averaged 2.6%.
The government’s statistics department said Taiwan’s gross domestic product expanded 1.84% in the fourth quarter, or 0.12% more than expected. Major concerts by stars from Taiwan and overseas during the last months of the year fueled a year-on-year surge of 85% in domestic spending on entertainment. Taiwan’s victory in the WBSC Premier12 baseball championships also improved consumer sentiment, the government said.
Looking ahead to 2025, the Taiwan Institute of Economic Research predicted an economic growth rate of 3.42%.