The Taiwanese economy expanded 5.09% yoy in Q4 2020, compared with the preliminary figure of a 4.94% advance and after an upwardly revised 4.26% expansion in Q3. This was the strongest pace of growth since Q1 2011, as the economy recovered further from the COVID-19 shocks. Government spending growth accelerated (4.37% vs 3.52% in Q3) and gross capital formation increased further (2.96% vs 6.12%). In addition, private consumption shrank less (-1.07% vs -1.55%). At the same time, exports rose faster (5.67% vs 3.33%), amid strong foreign demand for parts of electronic products and information, communication, and audio-video products. Meanwhile, imports fell further (-2.9% vs -3.6%). For full 2020, the GDP was revised up to 3.11% from an earlier forecast of 2.08%. In 2021, the economy is expected to grow by 4.64%, higher than a prior forecast of 3.83% on a strong rebound in exports. source: National Statistics, Republic of China
GDP Annual Growth Rate in Taiwan averaged 7.17 percent from 1962 until 2020, reaching an all time high of 17.26 percent in the third quarter of 1978 and a record low of -7.88 percent in the first quarter of 2009. This page provides - Taiwan GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Taiwan GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2021.
GDP Annual Growth Rate in Taiwan is expected to be 2.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Taiwan to stand at 3.40 in 12 months time. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 2.60 percent in 2022 and 2.00 percent in 2023, according to our econometric models.