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.
GDP Annual Growth Rate in Taiwan averaged 7.22 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 June of 2020.
GDP Annual Growth Rate in Taiwan is expected to be -7.60 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 2.10 in 12 months time. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 2.50 percent in 2021 and 2.60 percent in 2022, according to our econometric models.