Taiwan’s economy shrank 0.86 percent year-on-year in the fourth quarter of 2022, below the market forecasts of a 1.3 percent rise and following a 4.01 percent growth in the previous three-month period, according to preliminary figures. It was the first contraction since Q1 of 2016, as trade got hit by subdued external demand. Both exports (-5.09 percent vs 2.75 percent) and imports (-1.61 percent vs 2.3 percent) declined. Also, softer increases were seen in private consumption (2.89 percent vs 6.95 percent) and gross capital formation (0.03 percent vs 0.31 percent). Meanwhile, government spending increased faster (3.14 percent vs 2.12 percent). On a seasonally adjusted quarterly basis, the economy declined 1.08 percent, shifting from 1.83 percent growth in the previous three-month period. Considering the full 2022, the economy advanced by 2.43%, the least since 2016. source: National Statistics, Republic of China

GDP Annual Growth Rate in Taiwan averaged 7.09 percent from 1962 until 2022, 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 2023.

GDP Annual Growth Rate in Taiwan is expected to be 1.10 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 3.30 percent in 2024, according to our econometric models.

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Taiwan GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-29 08:30 AM YoY Final Q3 4.01% 3.05% 4.1%
2023-01-18 07:00 AM YoY Adv Q4 -0.86% 4.01% 1.30% 1.5%
2023-02-24 08:00 AM YoY Final Q4 4.01% 1.5%


Related Last Previous Unit Reference
GDP Growth Rate -1.08 1.83 percent Dec 2022
GDP Annual Growth Rate -0.86 4.01 percent Dec 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
-0.86 4.01 17.26 -7.88 1962 - 2022 percent Quarterly

News Stream
Taiwan GDP Falls for the First Time in Over 6 Years
Taiwan’s economy shrank 0.86 percent year-on-year in the fourth quarter of 2022, below the market forecasts of a 1.3 percent rise and following a 4.01 percent growth in the previous three-month period, according to preliminary figures. It was the first contraction since Q1 of 2016, as trade got hit by subdued external demand. Both exports (-5.09 percent vs 2.75 percent) and imports (-1.61 percent vs 2.3 percent) declined. Also, softer increases were seen in private consumption (2.89 percent vs 6.95 percent) and gross capital formation (0.03 percent vs 0.31 percent). Meanwhile, government spending increased faster (3.14 percent vs 2.12 percent). On a seasonally adjusted quarterly basis, the economy declined 1.08 percent, shifting from 1.83 percent growth in the previous three-month period. Considering the full 2022, the economy advanced by 2.43%, the least since 2016.
2023-01-18
Taiwan Q3 GDP Growth Revised Lower
The Taiwanese economy expanded 4.01% year-on-year in the third quarter of 2022, below the preliminary estimate of 4.10% advance and accelerating from downwardly revised 2.95% growth in the previous quarter. Private consumption increased faster (6.95% vs 3.14%) which was mainly led by the recovery in consumption such as retail, dining out, recreation and transportation. Meanwhile, there was a slowdown in both government spending (2.12% vs 5.99%) and gross fixed capital formation (4.97% vs 11.27%). On a seasonally adjusted quarterly basis, the economy advanced 1.83%, rebounding from a 2.37% fall in the previous period. For the full-year 2022, the GDP is seen rising by 3.06%.
2022-11-29
Taiwan Q3 GDP Growth Beats Forecasts
The Taiwanese economy expanded 4.10 percent year-on-year in the third quarter of 2022, beating market forecasts of a 3.2 percent advance and accelerating from a 3.05 percent expansion in the previous quarter, according to preliminary figures. Private consumption (7.49 percent vs. 2.89 percent in Q2) was a key driver for growth, while government spending (2.35 percent vs. 5.85 percent) and gross capital formation (0.91 percent vs. 9.42 percent) slowed sharply. Regarding net external demand, exports advanced 1.36 percent (vs. 4.32 percent in Q2), while imports grew 0.20 percent (vs. 8.83 percent in Q2). On a seasonally adjusted quarterly basis, the economy rebounded 1.62 percent, following a 1.80 percent decline in the previous period. For the full-year 2022, GDP is seen rising by 3.05 percent.
2022-10-28