Taiwan GDP


Weak economic growth in Q1 confirmed

In the first quarter, GDP rose 0.4% over the same period last year, according to data released by the statistical institute on 25 May. The reading confirmed an advance estimate released on 30 April and came in below the 1.9% expansion recorded in the fourth quarter. The deceleration was entirely driven by a deterioration in the external sector, which offset an improvement in domestic demand. Private consumption accelerated from a 1.1% annual expansion in the fourth quarter to a 1.7% increase in the first, while gross fixed investment improved somewhat from a 12.8% contraction in the final quarter of 2011 to a 10.5% decline. In contrast, the external sector's net contribution to overall growth dropped from 5.0 percentage points in Q4 2011 to 1.6 percentage points in the first quarter, as exports of goods and services contracted 3.3% (Q4 2011: +0.9% year-on-year), while imports improved slightly from a 7.4% contraction in the fourth quarter to a 6.8% decline in the first. Seasonally adjusted data do not corroborate the deterioration suggested by the annual figures, as GDP expanded 0.70% over the previous period, which contrasted the 0.53% decline observed in Q4 2011. The government recently downgraded its economic outlook and now sees GDP expanding 3.0% this year, down from a previous 3.4% projection.


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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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