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.