Private Consumption in Taiwan
Taiwan's economy recorded average private consumption growth of 1.9% in the decade to 2022. In 2022, private consumption growth was 3.5%. For more private consumption information, visit our dedicated page.
Taiwan Private consumption Chart
Note: This chart displays Private Consumption (annual variation in %) for Taiwan from 2024 to 2014.
Source: Macrobond.
Taiwan Private consumption Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
Private Consumption (ann. var. %) | -2.4 | -0.1 | 4.0 | 7.9 | 2.8 |
Economy records quickest upturn since Q1 2024 in the first quarter
GDP reading: GDP growth improved to 5.4% year on year in the first quarter, from 2.9% in the fourth quarter of last year. The reading was well above market expectations, and was driven by bumper readings for fixed investment and exports. This was linked to strong global demand for the country’s IT and electronics, and to firms front-loading shipments ahead of U.S. tariffs. On a seasonally-adjusted quarter-on-quarter basis, economic growth accelerated to 2.3% in Q1, compared to the previous quarter's 1.6% increase.
Investment and exports are key drivers: On the domestic front, investment was the star performer, rising 14.7% year on year (Q4: 19.2% yoy). In contrast, private consumption growth fell to 1.2% in Q1 (Q4 2024: +2.5% yoy). Government spending grew 0.5% (Q4 2024: +2.1% yoy). On the external front, exports of goods and services growth improved to 20.1% year on year in the first quarter, which marked the best reading since Q2 2021 (Q4 2024: +8.9% yoy). In addition, imports of goods and services growth sped up to 23.7% in Q1 (Q4 2024: +18.3% yoy), marking the best reading since Q2 2010; imports growth was likely linked to capital imports for the IT sector.
Panelist insight: On the outlook, Nomura analysts said: “We believe the strong AI investment cycle will likely support our […] 2025 GDP growth forecast of 3.1% though quarter-on-quarter growth momentum might be volatile. Continued front-loaded demand for tech and chip products (though the effects may not be as strong as in Q1) and NVIDIA’s Blackwell shipments may be tailwinds for Taiwan’s exports, even though uncertainty from the tariff shock persists.” On trade, ING’s Lynn Song said: “We suspect that Taiwan should be among the economies able to strike some form of trade deal [with the U.S.], given the semiconductor giant, TSMC's high profile announcement of investment into US manufacturing faciltiies is exactly the sort of action the Trump administration has been seeking, and many of Taiwan's key exports to the US such as semiconductors and computer products are either strategically important or sensitive to consumers.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Taiwanese private consumption projections for the next ten years from a panel of 13 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable private consumption forecast available for Taiwanese private consumption.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Taiwanese private consumption projections.
Want to get access to the full dataset of Taiwanese private consumption forecasts? Send an email to info@focus-economics.com.
Latest Global GDP News
-
Chile: GDP growth improves in Q1 GDP reading: GDP growth gathered steam to 0.7% on a seasonally adjusted quarter on quarter basis in the first quarter,... -
Israel: Economic growth gains traction in Q1 GDP reading: GDP growth gathered pace to 3.4% in seasonally adjusted annualized rate terms (SAAR) in the first quarter from... -
United Kingdom: GDP growth records best result since Q1 2024 in the first quarter Underlying picture less positive than headline reading: GDP growth improved to 0.7% on a seasonally adjusted quarter on quarter basis... -
Bulgaria: GDP growth edges down in the first quarter but remains robust by regional standards GDP reading: According to a preliminary reading, GDP growth waned to 3.1% year on year in the first quarter from... -
Colombia: Economy expands at the fastest pace in over two years in Q1 Faster-than-expected expansion remains below trend: The economy started the year with a spring in its step, with GDP growth accelerating... -
Kazakhstan: Economy posts best first-quarter reading in over a decade in Q1 GDP growth flies past trend: The economy rallied at the outset of 2025, expanding 5.6% in the first quarter and... -
Cyprus: GDP growth accelerates in Q1 GDP growth strengthens: According to a preliminary estimate, GDP growth gathered traction to 3.0% year on year in the first...