Taiwan's economy is booming thanks to the AI craze

Tue, 04/30/2024 - 10:07

Outside of a TSMC microchip fabrication plant in Taichung, Taiwan. September 13th, 2023. — A TSMC plant in Taichung, Taiwan.
An Rong Xu/The Washington Post via Getty Images

Taiwan's economy is booming.
Its GDP rose by a better-than-expected 6.5% in the first quarter, data published on Tuesday showed.
Exports of AI-related tech such as semiconductors were one of the key growth drivers.

The ChatGPT-fueled artificial intelligence boom has helped Taiwan's economy expand more than expected.

Gross Domestic Product (GDP) rose by 6.5% in the first three months of the year compared with the same quarter in 2023, the statistics bureau said on Tuesday.

That's the fastest expansion rate in nearly three years and ahead of the 6% figure economists polled by Bloomberg were expecting.