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.

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Taiwan GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-10-29 08:00 AM YoY Adv Q3 3.8% 7.43% 4% 6.0%
2021-11-26 08:30 AM YoY Final Q3 3.7% 7.76% 3.8%
2022-01-27 08:00 AM YoY Adv Q4 3.7% 3.6%


Related Last Previous Unit Reference
GDP Growth Rate 0.27 -1.09 percent Sep/21
GDP Annual Growth Rate 3.70 7.76 percent Sep/21

News Stream
Taiwan Q3 GDP Growth Revised Slightly Lower
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%.
2021-11-26
Taiwan Q3 GDP Growth Slightly Misses Estimates
Taiwan’s economy grew 3.8 percent year-on-year in the quarter ending September 2021, slightly below market estimates of a 4 percent increase and slowing from a 7.43 percent advance in the previous quarter. The expansion was driven mainly by investment (28 percent vs 8.5 percent in Q2), particularly for machinery, transportation and construction equipment. However, the growth was capped as household consumption declined faster (-5.5 percent vs -0.4 percent in Q2) due to the imposition of pandemic restrictions and a base effect from government stimulus packages last year. Also, net foreign demand weakened as imports surged 19.4 percent (vs 17.5 percent in Q2) while exports rose at a softer 14 percent (vs 23 percent), especially for electronics, ICT and traditional products. Looking ahead, the economy is expected to grow at a slower 3.69 percent in 2022.
2021-10-29
Taiwan Q2 GDP Annual Growth Revised Lower
Taiwan’s GDP jumped 7.43% year-on-year in the quarter ending June of 2021, just missing preliminary estimates of a 7.47% increase and followed an upwardly revised 9.27% surge in the previous quarter. The country saw a spike in coronavirus infections in May, which impacted the economy mainly at the private consumption level (-0.41% vs 2.27% in Q1). However, foreign demand was even stronger in the June quarter, as exports surged 22.62% (vs 22.09% in Q1), mainly driven by electronic parts and ICT products, while imports jumped 17.46% (vs 16.08%). Also, gross capital formation (11.89% vs 11.98%) remained solid while government spending eased markedly (2.46% vs 4.40%). Looking ahead, the economy is now forecasted to advance by 5.88% in 2021, faster than a prior estimate of 5.46%, and in 2022 growth is expected to slow to 3.69%.
2021-08-13

Taiwan GDP Annual Growth Rate
Taiwan’s economy is export oriented. As such, manufacturing is crucial and accounts for around 31 percent of GDP. Like in most advanced economies, the services sector is the biggest and constitutes nearly 65 percent of GDP. Within services, the most important are wholesale and retail trade (17.3 percent of GDP); real estate (8 percent of GDP); and public administration and defense (6.4 percent of GDP).