Cityscape at night in Taiwan

Taiwan GDP

Taiwan GDP

Economic Growth in Taiwan

Taiwan's economy recorded an average growth rate of 3.2% in the decade to 2022, below the 4.4% average for Asia-Pacific. In 2022, real GDP growth was 2.4%. For more GDP information, visit our dedicated page.

Taiwan GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Taiwan from 2014 to 2023.
Source: DGBAS Taiwan.

Taiwan GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 2.8 3.1 3.4 6.6 2.6
GDP (USD bn) 609 612 676 775 761
GDP (TWD bn) 18,375 18,909 19,915 21,663 22,680
Economic Growth (Nominal GDP, ann. var. %) 2.2 2.9 5.3 8.8 4.7

GDP growth records fastest expansion since Q2 2021 in the fourth quarter

GDP growth accelerated to 5.1% year on year in the final quarter of 2023, up from 2.3% in the third quarter and beating market expectations. Q4's reading marked the fastest expansion since Q2 2021. On a seasonally-adjusted quarter-on-quarter basis, economic growth ticked up to 2.1% in Q4, following the previous quarter's 1.9% increase. Q4's reading marked the fastest growth since Q4 2021.

Year-on-year private consumption growth fell to 5.4% in Q4, marking the weakest expansion since Q4 2022 (Q3: +9.2% yoy). That said, private consumption remained a key growth driver, aided by higher spending on transport, travel, recreation, vehicles and outbound tourism. Government spending rose 0.8% in Q4 (Q3: 0.0% yoy), while total investment contracted 8.7% (Q3: -12.3% yoy). Exports of goods and services rebounded, growing 3.6% year on year in the fourth quarter, which marked the best reading since Q2 2022 (Q3: -1.4% yoy). Higher tourism and AI-related exports drove the reading. In addition, imports of goods and services dropped at a softer rate of 4.3% in Q4 (Q3: -4.4% yoy).

Our Consensus is for strong annual growth in Q1. However, this will be due partly to a favorable base effect, and the economy is seen losing steam in quarter-on-quarter terms. Over 2024 as a whole, rebounds in exports and industrial output should drive an acceleration in economic momentum.

On the outlook, United Overseas Bank’s Ho Woei Chen said: “We see the low base of comparison and upturn in the global tech cycle providing a stronger boost. Near-term prospects for private consumption remain positive on the back of a firm labour market but private consumption growth may moderate following the strong recovery in 2023.” On the impact of supply disruptions in the Red Sea, DBS Bank’s Ma Tieying said: “The direct impact of the Red Sea crisis is expected to be minimal. Semiconductor supply chains are time-sensitive, and given the small and high-value nature of semiconductors, air freight is generally preferred for shipments. Industry reports suggest that nearly 100% of Taiwan's electronic component exports use air freight, while approximately 70% of its information and communication products exports also rely on air freight. Furthermore, Taiwan's trade dependence on Europe is not substantial.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Taiwanese GDP projections for the next ten years from a panel of 28 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 GDP forecast available for Taiwanese GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Taiwanese GDP projections.

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