Taiwan’s Ministry of Finance announced that the manufacturing industry output value increased 11.35% from last year to NT$3.16 trillion (US$104.4 billion) in the first quarter of 2017, the largest growth in the industry since the second quarter of 2011.

The significant growth was attributed to semiconductor sector manufacturing and higher demand in the panel industry. The ministry expects continued growth in the second quarter, mainly thanks to electronic parts production and steady global economic recovery.

The ministry also expects innovation in the tech industry, with IoT and automotive electronics, to drive sustainable growth in Taiwan.

The electronic components industry output value increased 10.26% to NT$890.5 billion, while the LCD panel and components sector increased by 33%.

International raw material prices aided the metals, chemical and coal products industries, which saw increases of 33.52%, 21.84% and 30.85%, respectively.

The machinery and equipment industry increased capital expenditures in the quarter by 2.71%, while the computer electronics and optical products industry reduced expenditures by 2.51%.