The Taiwanese economy expanded 3.08% year-on-year in the second quarter of 2022, almost matching market forecasts of a 3.1% advance and moderating from a 3.14% expansion in the previous quarter, according to preliminary figures. It was the slowest rate of growth in two years amid a resurgence in coronavirus infections domestically and in mainland China, which caused major disruptions to supply chains and hurt demand for Taiwan exports. Domestic demand was the main driver of GDP growth, namely gross fixed investment (9.43% vs 5.88% in Q1), followed by private consumption spending (2.96% vs 0.46%), and government spending (5.86% vs -0.52%). On the other hand, net external demand weighed down on growth by 1.55% points, as imports jumped 8.81% (vs 8.35% in Q1) and exports rose a softer 4.31% (vs 8.95% in Q1). On a seasonally adjusted quarterly basis, GDP fell by 0.74%, the first contraction in a year and following a 1.06% expansion in the prior quarter. source: National Statistics, Republic of China

GDP Annual Growth Rate in Taiwan averaged 7.14 percent from 1962 until 2022, 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 August of 2022.

GDP Annual Growth Rate in Taiwan is expected to be 3.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 3.50 percent in 2023 and 3.30 percent in 2024, according to our econometric models.

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Taiwan GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-05-27 08:10 AM YoY Final Q1 3.14% 5.32% 3.06%
2022-07-29 08:00 AM YoY Adv Q2 3.08% 3.14% 3.1% 3.3%
2022-08-12 08:30 AM YoY Final Q2 3.14% 3.08%


Related Last Previous Unit Reference
GDP Growth Rate -0.74 1.06 percent Jun 2022
GDP Annual Growth Rate 3.08 3.14 percent Jun 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
3.08 3.14 17.26 -7.88 1962 - 2022 percent Quarterly

News Stream
Taiwan GDP Rises the Least in 2 Years
The Taiwanese economy expanded 3.08% year-on-year in the second quarter of 2022, almost matching market forecasts of a 3.1% advance and moderating from a 3.14% expansion in the previous quarter, according to preliminary figures. It was the slowest rate of growth in two years amid a resurgence in coronavirus infections domestically and in mainland China, which caused major disruptions to supply chains and hurt demand for Taiwan exports. Domestic demand was the main driver of GDP growth, namely gross fixed investment (9.43% vs 5.88% in Q1), followed by private consumption spending (2.96% vs 0.46%), and government spending (5.86% vs -0.52%). On the other hand, net external demand weighed down on growth by 1.55% points, as imports jumped 8.81% (vs 8.35% in Q1) and exports rose a softer 4.31% (vs 8.95% in Q1). On a seasonally adjusted quarterly basis, GDP fell by 0.74%, the first contraction in a year and following a 1.06% expansion in the prior quarter.
2022-07-29
Taiwan Q1 GDP Growth Revised Higher
The Taiwanese economy expanded 3.14 percent year-on-year in the first quarter of 2022, faster than a preliminary estimate of 3.06 percent advance but slowing from an upwardly revised 5.32 percent growth in the previous quarter. Real private consumption slowed sharply (0.46 percent vs 1.82 percent in Q4 2021), particularly in transportation and recreation, but the economy received strong support from gross fixed capital formation (5.82 percent vs 14.45 percent). Also, net external demand remained positive, with exports up 8.95 percent (vs 12.05 percent) and imports climbing a slower 8.35 percent (vs 16.43 percent). Finally, government spending decreased (-0.52 percent vs 4.59 percent), as expected during periods of growth. On a seasonally adjusted quarterly basis, the economy advanced 1.06 percent, following a 2.42 percent expansion in the previous period. For full-year 2022, GDP is seen rising 3.91 percent, 0.51 percentage points lower than the previous estimate.
2022-05-27
Taiwan Q1 GDP Growth Beats Forecasts
The Taiwanese economy expanded 3.06 percent year-on-year in the first quarter of 2022, beating market forecasts of a 2.9 percent advance and slowing from a 4.86 percent expansion in the previous quarter, according to preliminary figures. The figure reflects high base-year effects and a slowing foreign demand amid soaring commodity prices and lingering supply chain bottlenecks, while power outages dampened industrial output in March. Domestic demand was the main driver of GDP growth, namely gross fixed investment (7.19 percent vs 14.71 percent in Q4 2021), and private consumption spending (0.23 percent vs 1.57 percent), while government spending decreased (-0.45 percent vs 4.68 percent). Additionally, net external demand contributed 1.22 percentage points, even though growth in exports (8.90 percent vs 11.68 percent) matched the rise in imports (8.91 percent vs 15.51 percent).
2022-04-28