The economy of Taiwan expanded expanded 3.92% year-on-year in Q3 2020, higher than an initial estimate of a 3.33% rise. Figures for Q2 were also revised to a 0.35% growth from a 0.58% contraction. On the demand side, private consumption contracted by 1.48% in Q3, following a 5.21% decline in the previous quarter, amid a slump in expenditure abroad due to border control measures related to COVID-19, although government stimulus boosted domestic spending in retail sales and food services. Also, exports of goods and services grew by 3.64 %, mainly driven by the strong foreign demand for parts of electronic product, information, communication and audio-video products. The economy is projected to grow by 2.54% in 2020, up by 0.98 percentage point from the previous forecast. source: National Statistics, Republic of China

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 January of 2021.

GDP Annual Growth Rate in Taiwan is expected to be 3.40 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 3.20 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
3.92 0.35 17.26 -7.88 1962 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
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 3.33% -0.58% 1.5% 2%
2020-11-27 09:00 AM YoY Final Q3 3.92% -0.58% 3.33%
2021-01-29 08:00 AM YoY Adv Q4 3.92% 3.4%
2021-02-26 09:00 AM YoY Final Q4 3.92% 3.4%
2021-04-30 08:00 AM YoY Adv Q1
2021-05-28 08:00 AM YoY Final Q1
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Taiwan GDP Growth Revised Higher in Q3
The economy of Taiwan expanded expanded 3.92% year-on-year in Q3 2020, higher than an initial estimate of a 3.33% rise. Figures for Q2 were also revised to a 0.35% growth from a 0.58% contraction. On the demand side, private consumption contracted by 1.48% in Q3, following a 5.21% decline in the previous quarter, amid a slump in expenditure abroad due to border control measures related to COVID-19, although government stimulus boosted domestic spending in retail sales and food services. Also, exports of goods and services grew by 3.64 %, mainly driven by the strong foreign demand for parts of electronic product, information, communication and audio-video products. The economy is projected to grow by 2.54% in 2020, up by 0.98 percentage point from the previous forecast.
2020-11-27
Taiwan GDP Rebounds in Q3
The Taiwanese economy expanded 3.33% year-on-year in the third quarter of 2020, following a 0.58% contraction in the previous period, preliminary estimates showed. It is the strongest growth rate since the second quarter of 2018 as the economy rebounds from the coronavirus-hit. Exports came back to growth (3.54% vs -3.5%), mainly driven by strong demand for parts of electronic products, and information, communication and audio-video products. Government spending also recovered (3.2% vs -1%) and investment continued to rise although at a slower pace (2.04% vs 9.73%). Meanwhile, private spending shrank 1.51%, the third straight quarter of falls. On a quarter-on-quarter basis, the economy grew 4.42 percent, the most since the last quarter of 2009.
2020-10-30
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 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).