Taiwan's economy grew 12.53 percent in the second quarter of 2010 compared to the same period last year, thanks largely to rising exports and strong domestic demand, the Directorate-General of Budget, Accounting and Statistics said Thursday. Among all nations and territories in Asia, only Singapore, whose economy increased by 18.8 percent in the second quarter, had a faster rate of growth than Taiwan. The economies of China, South Korea and Hong Kong grew by 10.3, 7.2 and 6.5 percent, respectively. DGBAS Minister Shih Su-mei said “strong demand from emerging markets in Southeast Asia and South America helped push up semiconductor exports.” The DGBAS also revised its economic growth forecast for Taiwan to 8.24 percent for all of 2010, and 4.64 percent for 2011. In May of this year the DGBAS said it thought the economy would grow by 7.66 percent in 2010. If the 8.24 percent prediction turns out to be correct, it will be “the fastest growth rate the nation has seen since 1990,” Shih said. In addition, the GNP per capita would reach US$18,565, up more than US$1,000 from last year.
