Taiwan GDP


Economic growth remains strong in the first quarter

In the first quarter, GDP rose 6.5% over the same period last year, according to a 19 May estimate, which was above the advance estimate of 6.2% published on 29 April. The reading was below the revised 7.2% expansion recorded in the fourth quarter (previously reported: +6.9% year-on-year) but exceeded market analyst expectations that the economy would expand 6.2%. The first quarter deceleration reflected slower growth in the domestic sector, mainly due to a negative contribution from inventory changes. Private consumption accelerated from a 2.7% annual increase in the fourth quarter to a 5.0% expansion, while gross fixed investment expanded 9.6% (Q4 2010: +12.3% yoy). The net contribution from inventories swung from plus 0.3 percentage points in the previous period to minus 1.9 percentage points. Therefore, domestic demand decelerated to a 3.0% increase, down from the 5.1% expansion registered in the fourth quarter. The net contribution from the external sector to overall growth improved from a 2.8 percentage-point contribution in the fourth quarter to a 3.9 percentage-point contribution in the first. Exports of goods and services grew 10.9% (Q4 2010: +15.1% yoy), while imports expanded 6.6% (Q4 2010: +14.3% yoy). A quarter-on-quarter comparison suggests a stronger expansion than the annual figures imply, as the economy expanded 4.4% over the previous quarter in seasonally adjusted terms (Q4 2010: +0.3% qoq). Owing to strong export activity and sound private consumption, the government expects the economy to grow 5.06% this year.


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Taiwan Economic News

  • Taiwan: Exports fall and trade surplus narrows in September

    October 9, 2016

    In September, the trade surplus totaled USD 4.4 billion, according to data from the Ministry of Finance.

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  • Taiwan: Inflation moderates further in September

    October 5, 2016

    In September, consumer prices increased 0.45% over the previous month, which was a rebound from the 0.03% fall recorded in August.

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  • Taiwan: Manufacturing PMI hits two-year high in September

    October 3, 2016

    Taiwanese manufacturers registered better business conditions for the fourth consecutive month in September.

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  • Taiwan: Central Bank halts easing cycle on healthy economic growth

    September 29, 2016

    At its quarterly monetary policy meeting on 29 September, the Central Bank of the Republic of China (Taiwan) decided to leave the discount rate unchanged at 1.375%, which was a decision that markets had expected, although some analysts had foreseen a further reduction to the key policy rate. The Central Bank has cut the main monetary policy rate four times since September 2015 by a total of 50 basis points and this time the authority decided to leave interest rates unchanged “against a back drop of moderate global growth and renewed momentum for the domestic economy, along with a mild inflation outlook for next year.” Regarding global developments and how they affect the Taiwanese economy, the Central Bank stated that the global economy continues to decelerate as a result of slower economic growth in the U.S., a still tepid recovery in the Eurozone economy and sluggish economic activity in Japan.

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  • Taiwan: Industrial production benefits from Apple’s new iPhone debut

    September 27, 2016

    Taiwan’s industrial output increased substantially in August, backed by a base effect but also due to strong growth in semiconductor manufacturers’ output, which benefited from the debut of Apple’s latest iPhone model.

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