Taiwan's economy shrank 0.58 percent year-on-year in the second quarter of 2020, less than initially thought. Still, it was the steepest GDP contraction since the third quarter of 2009 as the coronavirus pandemic hurt both domestic and external demand. Private final consumption slumped 4.98 percent (vs -1.55 percent in Q1) and government spending declined 1.0 percent (vs 3.26 percent in Q1), while fixed investment growth slowed to 2.73 percent from 6.32 percent. Private investment was almost unchanged while public enterprises raised their investment by 46.41 percent (vs 16.90 percent in Q1). The government also increased its investment by 4.26 percent (vs 14.69 percent in Q1). Net external demand contributed positively to the GDP as exports fell less than imports.

GDP Annual Growth Rate in Taiwan averaged 7.18 percent from 1962 until 2020, reaching an all time high of 17.26 percent in the third quarter of 1978 and a record low of -7.88 percent in the first quarter of 2009. This page provides - Taiwan GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Taiwan GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020.

GDP Annual Growth Rate in Taiwan is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Taiwan to stand at 6.00 in 12 months time. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 3.40 percent in 2021 and 2.60 percent in 2022, according to our econometric models.

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Taiwan GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-0.58 2.20 17.26 -7.88 1962 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-04-30 08:00 AM YoY Adv Q1 1.54% 3.31% 1.6% -2.50%
2020-05-28 08:00 AM YoY Final Q1 1.59% 3.29% 1.54%
2020-07-31 08:00 AM YoY Adv Q2 -0.73% 1.59% 0.55% 1%
2020-08-14 08:30 AM YoY Final Q2 -0.58% 2.20% -0.73% -0.73%
2020-10-30 08:00 AM YoY Adv Q3 -0.58% 2%
2020-11-29 08:00 AM YoY Final Q3 -0.58% 2%


News Stream
Taiwan GDP Contracts the Most in 11 Years
Taiwan's economy shrank 0.58 percent year-on-year in the second quarter of 2020, less than initially thought. Still, it was the steepest GDP contraction since the third quarter of 2009 as the coronavirus pandemic hurt both domestic and external demand. Private final consumption slumped 4.98 percent (vs -1.55 percent in Q1) and government spending declined 1.0 percent (vs 3.26 percent in Q1), while fixed investment growth slowed to 2.73 percent from 6.32 percent. Private investment was almost unchanged while public enterprises raised their investment by 46.41 percent (vs 16.90 percent in Q1). The government also increased its investment by 4.26 percent (vs 14.69 percent in Q1). Net external demand contributed positively to the GDP as exports fell less than imports.
2020-08-14
Taiwan GDP Contract for 1st Time since 2009
The Taiwanese economy shrank 0.73 percent year-on-year in the second quarter of 2020, preliminary estimates showed. It is the first contraction since the third quarter of 2009 as the coronavirus pandemic hurt both domestic and external demand. Private spending shrank 5.13 percent, gross capital formation went down 9.56 percent dragged down by construction, machinery and equipment and government spending declined 0.92 percent. Exports slumped 3.68 percent and imports went down 4.24 percent, amid a fall in services related to travel and changes in methodology. On a quarter-on-quarter basis, the economy contracted 2.28 percent.
2020-07-31
Taiwan Q1 GDP Growth Confirmed at 4-Year Low
Taiwan's economy advanced 1.59 percent year-on-year in the first quarter of 2020, slowing from a 3.31 percent expansion in the previous period and slightly above the preliminary reading of 1.54 percent. It was the weakest growth rate since the first quarter of 2016, when the economy shrank 0.1 percent, as the coronavirus pandemic hit the economy. Household consumption contracted 1.58 percent (vs 2.95 percent in Q4); and gross fixed capital formation growth eased (3.61 percent vs 14.66 percent). On the other hand, government spending increased 3.32 percent, faster than a 1.78 percent rise in the prior quarter. Regarding net trade, exports dropped 2.37 percent (vs 2.42 percent in Q4) and imports decreased at a faster 3.95 percent (vs 4.31 percent in Q4). On a seasonally adjusted quarterly basis, the economy shrank 0.91 percent, after expanding 1.60 percent in the previous period but less than earlier estimates of a 1.51 percent contraction.
2020-05-28
Taiwan Q1 GDP Growth Weakest in 4 Years
Taiwan's economy advanced 1.54 percent year-on-year in the first quarter of 2020, slowing from a 3.31 percent expansion in the previous period and slightly below market expectations of 1.6 percent, an advance estimate showed. It was the weakest growth rate since the first quarter of 2016, when the economy shrank 0.1 percent, as the coronavirus pandemic hit the economy. Household consumption contracted 0.97 percent (vs 2.63 percent in Q4); and gross fixed capital formation growth eased (3.13 percent vs 10.50 percent). On the other hand, government spending increased 3.67 percent, faster than a 1.97 percent rise in the prior quarter. Regarding net trade, exports dropped 2.89 percent (vs 2.64 percent in Q4) and imports decreased at a faster 4.87 percent (vs 4.44 percent in Q4). On a seasonally adjusted quarterly basis, the economy shrank 1.51 percent, after expanding an upwardly revised 1.89 percent in the previous period.
2020-04-30

Taiwan GDP Annual Growth Rate
Taiwan’s economy is export oriented. As such, manufacturing is crucial and accounts for around 31 percent of GDP. Like in most advanced economies, the services sector is the biggest and constitutes nearly 65 percent of GDP. Within services, the most important are wholesale and retail trade (17.3 percent of GDP); real estate (8 percent of GDP); and public administration and defense (6.4 percent of GDP).