In the third quarter, GDP rose 1.0% over the same period last year, according to complete data released by the statistical institute on 23 November. The reading confirmed the advance estimate published on 31 October and contrasted the 0.1% contraction observed in the second quarter (previously reported: -0.2% year-on-year). The improvement over the previous quarter was mainly driven by a recovery in fixed investment, which stepped up from a 7.7% contraction in Q2 to a 0.5% decline in Q3. Private consumption, on the other hand, deteriorated and expanded a weak 0.9% in the third quarter (Q2: +1.6% yoy). On the external side of the economy, both exports and imports improved at a similar pace. Exports of goods and services increased 1.8% (Q2: -2.5% yoy), while imports grew 1.2% (Q2: -4.1% yoy). As a result, the net contribution from the external sector to overall growth rose slightly from 0.5 percentage points in the second quarter to 0.7 percentage points in the third. Seasonally adjusted data corroborate the improvement suggested by the annual figures, as GDP expanded 1.0% over the previous period, which contrasted the 0.1% decline recorded in Q2.
Economy improves but remains weak
November 23, 2012
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Taiwan GDP Chart
Note: Year-on-year changes of GDP in %.
Source: Directorate-General of Budget, Accounting and Statistics and FocusEconomics Consensus Forecast.
Taiwan Economic News
October 9, 2016
In September, the trade surplus totaled USD 4.4 billion, according to data from the Ministry of Finance.
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.
October 3, 2016
Taiwanese manufacturers registered better business conditions for the fourth consecutive month in September.
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.
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.