GDP in Taiwan

Taiwan GDP | Economic News & Forecasts

Taiwan - GDP

Growth accelerates in Q4 2019

The economy expanded 3.3% in the fourth quarter compared to the same quarter a year earlier, according to a second GDP release. This was marginally lower than the preliminary 3.4% reading but above the 3.0% expansion recorded in the third quarter. On a seasonally-adjusted, quarter-on-quarter basis, growth accelerated to a revised 1.9% in Q4 (previously reported: +1.7% qoq), up from 0.6% in Q3 and marking the strongest expansion since Q1 2012. Meanwhile, full-year growth clocked in at 2.7% in 2019, marginally below 2018’s 2.8% expansion but matching the estimate from the preliminary release.

On the domestic front, gross capital formation spearheaded the upturn, soaring 15.0% in Q4 on a year-on-year basis (preliminary estimate: +10.7% year-on-year; Q3: +3.7% yoy). This was likely driven by a reshoring of capital by Taiwanese companies, spurred by government measures that aim to attract overseas investment. That said, consumption metrics were slightly less upbeat: Private consumption increased 2.6% in Q4 (preliminary estimate: +2.9% yoy), inching up from 2.5% in the prior quarter, while government spending slowed to 2.0% (preliminary estimate: +1.9% yoy), from 3.8% in Q3.

In contrast, the external sector’s overall contribution to growth deteriorated in the final quarter. Although export growth accelerated to 2.6% year-on-year (preliminary estimate: +2.3% yoy), having flatlined in Q3, import growth hit 4.4% in Q4 (preliminary estimate: +4.3% yoy) after contracting 2.6% in the previous quarter.

Looking ahead, the re-election of President Tsai in January signals a continuation of pro-growth policies that should support the economy. Strong demand for semi-conductor technologies is seen bolstering exports and supporting a projected rebound in manufacturing output, although external headwinds such as the development of U.S.-China trade policies and the recent coronavirus outbreak provide major risks to the outlook.

FocusEconomics Consensus Forecast panelists project GDP will grow 2.3% in 2020, which is up 0.2 percentage points from last month’s forecast. For 2021, the panel estimates that economic activity will increase 2.2%.

Taiwan - GDP Data

2014   2015   2016   2017   2018  
Economic Growth (GDP, annual variation in %)4.0  0.8  1.5  3.1  2.6  

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Taiwan GDP Chart

Taiwan GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Directorate-General of Budget, Accounting & Statistics and FocusEconomics calculations.

Taiwan Facts

Value Change Date
Bond Yield0.691.28 %Dec 31
Exchange Rate29.910.07 %Jan 01

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Economic News

  • Taiwan: Growth accelerates in Q4 2019

    February 12, 2020

    The economy expanded 3.3% in the fourth quarter compared to the same quarter a year earlier, according to a second GDP release.

    Read more

  • Taiwan: Exports and imports slump in January, trade surplus widens

    February 7, 2020

    Merchandise exports slumped 7.6% in annual terms in January, contrasting December’s 4.0% expansion.

    Read more

  • Taiwan: Manufacturing PMI rises to 17-month high in January

    February 3, 2020

    The manufacturing Purchasing Managers’ Index (PMI), reported by IHS Markit, climbed to 51.8 in January from 50.8 in December, thus moving further above the 50-threshold and signaling the fastest pace of improvement in operating conditions since August 2018. The improvement came amid stronger growth of both output and new work received by manufacturers, while export sales returned to expansionary territory for the first time in 17 months.

    Read more

  • Taiwan: Industrial production soars in December

    January 22, 2020

    Industrial output increased 6.0% in December compared to the same month a year earlier, quickening from the 1.8% increase recorded in November. The acceleration in December was chiefly driven by strong output growth in the manufacturing sector, which represents more than 90% of total industrial production, while a return to expansion in electricity and gas supply supported the overall figure.

    Read more

  • Taiwan: Economic activity accelerates in Q4

    January 21, 2020

    The economy grew 3.4% in the final quarter of 2019 compared to the same period a year earlier, according to an advance GDP estimate, up from the third quarter’s 3.0% increase.

    Read more

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