Taiwan GDP


Q4 economic growth moderates

In the fourth quarter, GDP rose 6.9% over the same period the previous year, according to the estimate published on 17 February, which was above the advance estimate of 6.5% published on 31 January. The reading was below the revised 10.7% expansion recorded in the third quarter (previously reported: +9.8% year-on-year) but exceeded market analyst expectations that the economy would expand 6.4%. The fourth quarter deceleration mainly reflected slower growth in the domestic and external sector. Private consumption slowed from a 4.6% annual increase in the third quarter to a 2.8% expansion. Therefore, domestic demand decelerated to 5.1%, exactly half of the 10.2% expansion registered in the third quarter. Exports of goods and services grew 14.9% (Q3: +20.5% yoy), while imports expanded 14.4% (Q3: +22.3% yoy). The net contribution from the external sector to overall growth improved from a 1.9 percentage points contribution in the third quarter to a 2.3 percentage points contribution in the fourth. A quarter-on-quarter comparison does not corroborate the growth suggested by the annual figures, as the economy remained flat over the previous quarter in seasonally adjusted terms (Q3: +0.8% qoq). For the full year 2010, GDP expanded a robust 10.8%, which contrasted the 1.9% contraction in 2009 and exceeded the government forecast of a 10.0% expansion. Owing to the solid global economic forecast for 2011, the government expects exports and private consumption to sustain economic growth at 4.9% 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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