Taiwan outstrips China with 2.98% GDP growth in 2020

Taiwan''s economy saw its strongest expansion in nearly 10 years last quarter, as global demand for its tech products surged. Its GDP rose by nearly 5% in the fourth quarter of 2020, according to data from the government''s statistics agency. GDP growth for the full year was 2.98%, the most in nearly three years.

Wu Pei-hsuan
Statistics official
As the local supply chain grew more complete, it drove rapid growth in exports. It boosted exports in the rising field of remote working applications, as well as traditional exports. With the recovery of external demand, we ended our seven-to-eight quarter losing streak. Consumer spending continued to grow, and the stock market set new records. In terms of domestic spending, there was 4.3% growth, which is relatively high if we look back at the last 10 years.

By contrast, China recently reported 2.3% GDP growth in 2020. This means Taiwan''s GDP outpaced China''s for the first time since 1991. Taiwan''s economy also outpaced growth in South Korea, Singapore, and Hong Kong, which contracted by 1%, 5.8%, and 6.1%, respectively.