Taiwan’s economy expanded for a fourth consecutive quarter in the three months to March, lifted by domestic consumption and an increase in exports driven by overseas demand for electronic components.

Gross domestic product for the first quarter grew 2.56 per cent year-on-year, according to Taiwan’s Directorate-General of Budget, Accounting and Statistics. This was above a median estimate from economists compiled by Bloomberg of 2.4 per cent growth. The island’s economy grew 2.88 per cent year on year in the three months to December.

This represented 2.93 per cent quarter on quarter growth on a seasonally adjusted basis.

Domestic demand contributed 1.83 percentage points to the headline growth figure for the three months to March with 0.9 percentage points of that from growth in private sector consumption as consumers spent more on housing, water, fuel and transport.

Net demand from the rest of the world contributed 0.73 percentage points to overall growth in the first quarter. Exports grew 6.99 per cent year on year, driven by foreign demand for electronic components, while imports rose 7.15 per cent.

Taiwan forecasts 2017 GDP growth of 1.95 per cent.

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