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Taiwan GDP Q2 2023

Taiwan: GDP bounces back in the second quarter

GDP rebounded, growing 1.5% year on year in the second quarter, contrasting the 2.9% contraction recorded in the first quarter. On a seasonally-adjusted quarter-on-quarter basis, GDP bounced back, expanding 1.7% in Q2, contrasting the previous period’s 0.6% decrease. Q2’s reading marked the best result since Q4 2021.

##Household spending improved to 12.1% year-on-year in the second quarter, which marked the best reading since Q1 1990 (Q1: +6.5% yoy). Public consumption growth moderated to 1.6% in Q2 (Q1: +3.7% yoy).

Exports of goods and services dropped at a slower pace of 6.6% in Q2 (Q1: -10.8% yoy). Conversely, imports of goods and services declined at a quicker pace of 7.7% in Q2 (Q1: -4.0% yoy), marking the worst reading since Q3 2009.


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