Taiwan's annual economic growth stood at 2.40 percent in the second quarter of 2019, little-changed from a preliminary reading of 2.41 percent and above the previous period's 1.83 percent expansion. Private consumption grew by 1.55 percent (vs 1.46 percent in Q1), mainly reflecting the growing sales of cars and boutiques, as well as new opening department stores and retail outlets; and fixed investment rose by 7.51 percent (vs 6.85 percent in Q1), primarily due to the increase in machinery and equipments investment as well as transport equipments. In addition, exports of goods and services grew by 4.13 percent (vs 0.87 percent in Q1), mainly driven by the foreign strong demand for information, communication and audio-video products, as well as refined petroleum products. Imports also increased by 3.68 percent (vs 1.13 percent in Q1). GDP Annual Growth Rate in Taiwan averaged 6.73 percent from 1962 until 2019, reaching an all time high of 17.06 percent in the third quarter of 1978 and a record low of -8.12 percent in the first quarter of 2009.
GDP Annual Growth Rate in Taiwan is expected to be 2.60 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 2.60 in 12 months time. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 2.10 percent in 2020, according to our econometric models.