Taiwan Economic Outlook
January 25, 2022
After fairly mild growth in Q3, underlying momentum appeared to improve substantially in Q4, as suggested by a notable rise in the non-manufacturing PMI. In particular, the combination of tumbling unemployment, the vaccine rollout and the government’s stimulus voucher scheme seemed to spur private consumption, with retail sales surging in October and November. That said, the industrial sector appeared to lose some momentum amid supply difficulties, with the manufacturing PMI averaging lower than in Q3. Turning to the new year, the recent extension of the government’s “Invest in Taiwan” initiative, which provides support for firms who relocate production to the island, bodes well for capital spending: The initiative has reportedly attracted applications worth over USD 50 billion since it began in July 2019. However, an uptick in Covid-19 cases risks a snap-back of restrictions.Taiwan Economic Growth
The economy is set to lose some steam in 2022 but remain fairly upbeat nonetheless. Private spending should be bolstered by a higher minimum wage, the public salary hike and a tighter labor market, while the semiconductor sector should stay strong. Ongoing tensions with China and possible new Covid-19 flare-ups pose important downside risks. Our panelists see GDP growing 3.3% in 2022, which is unchanged from last month’s forecast, and 3.0% in 2023.Taiwan Economy Data
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Taiwan Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.69 | 1.28 % | Dec 31 |
| Exchange Rate | 29.91 | 0.07 % | Jan 01 |
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Taiwan Economic News
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Taiwan: Merchandise exports rise at a more moderate rate in December
January 7, 2022
Merchandise exports shot up 23.4% over the same month last year in December, following November’s 30.2% upturn.
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Taiwan: Inflation drops in December
January 6, 2022
Consumer prices fell 0.21% in December over the previous month, contrasting November's 0.24% increase.
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Taiwan: Manufacturing PMI rises in December
January 3, 2022
The IHS Markit Manufacturing Purchasing Managers' Index (PMI) rose from 54.9 in November to 55.5 in December.
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Taiwan: Industrial output growth gains steam in November
December 23, 2021
Industrial output grew 12.2% in year-on-year terms in November, which followed October's 11.6% increase.
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Taiwan: Central Bank keeps rates unchanged in December
December 16, 2021
At its monetary policy meeting on 16 December, the Board of Directors of Taiwan’s Central Bank (CBC) kept rates unchanged, leaving the discount rate at the record low of 1.125%.
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