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.