Taiwan's economy grows at fastest pace in over 30 years

Taiwan said Thursday its economy grew at its fastest pace in more than 30 years during the first quarter of 2010, thanks to strong demand for exports in markets such as China. The 13.27 percent year-on-year jump in gross domestic product cements the island's recovery from its worst economic crisis since World War Two and was helped by a rebound in world trade after the global downturn.
The figure, compared with a contraction of more than nine percent in the same period last year, is the highest for Taiwan since the fourth quarter of 1978, the government said. Taiwan's economy also picked up thanks to an increase in domestic demand, in addition to the strong demand from export markets, the agency said. Exports expanded 43.7 percent from a year earlier in the first quarter, the agency said. Taiwan's economy shrank 1.91 percent in 2009, according to revised data published Thursday.