TAIPEI， Oct. 28 (Xinhua) -- Taiwan's economy expanded faster than expected in the third quarter of this year as consumer spending and fixed-asset investment steadied.
The island's GDP grew at an annual rate of 2.06 percent during July-September， according to preliminary data released by the island's statistics department Friday.
That compares with a growth of 0.69 percent in the second quarter， and beats the figure of 1.99 percent estimated in August.
The statistics authority attributed the encouraging growth to steady expansion of consumer spending and fixed-asset investment， which offset slim export growth.
Retail sales ended two consecutive months of decline to grow 1.66 percent in the third quarter as consumers cashed in on automobiles， petroleum and mobile telecommunications gadgets.
Fixed-asset investment grew 3.24 percent year on year as semiconductor producers and air carriers bolstered investments to cope with higher demand.
Exports rose for the first time since the first quarter of last year， though at a slim rate of 0.12 percent， as global demand for Taiwan-made electronics and machinery rebounded.
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