Taiwan reports 3.8 pct economic growth in Q3

TAIPEI -- Taiwan's gross domestic product (GDP) expanded by 3.8 percent year on year in the third quarter of this year, slightly more than the previous forecast, according to the island's statistics agency.

The growth is attributable to Taiwan's robust investment and strong export, the agency said Friday.

It also predicted that Taiwan's full-year GDP growth in 2021 will reach 6.01 percent, increasing from the previous forecast of 5.88 percent.

Meanwhile, private consumption in the third quarter declined by 5.49 percent year on year, showed official data.

The agency said that the drop in private consumption was mainly due to the resurgence in locally-transmitted COVID-19 cases in May. Although the epidemic situation eased in July, people were not going out as much and were spending less.