Taiwan’s GDP rose 3.7% year-on-year in the quarter ending September of 2021, slightly less than preliminary estimates of 3.8% and followed a 7.43% hike in the previous quarter. Growth was mainly driven by robust foreign demand, as exports rose 14.31% (vs 22.51% in Q2), namely electronic and ICT products such as semiconductor chips, which was offset by a 21.84% jump in imports (vs 18.68%). Additionally, fixed capital investment surged during Q3, primarily in machinery and transportation equipment, reflected in double-digit growth for gross fixed capital formation (20.14% vs 18.90%). On the consumption side, private consumption fell sharply due to strict health restrictions to control the pandemic (-5.60% vs -0.46% in Q2), while government spending increased (3.31% vs 2.20%). Growth forecasts were revised, with GDP now seen advancing 6.09% in 2021, faster than a prior estimate of 5.88%, and 4.15% in 2022 growth, compared to an earlier forecast of 3.69%. source: National Statistics, Republic of China
GDP Annual Growth Rate in Taiwan averaged 7.17 percent from 1962 until 2021, 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 January of 2022.
GDP Annual Growth Rate in Taiwan is expected to be 4.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 3.80 percent in 2023 and 3.30 percent in 2024, according to our econometric models.