The economy of Taiwan expanded expanded 3.92% year-on-year in Q3 2020, higher than an initial estimate of a 3.33% rise. Figures for Q2 were also revised to a 0.35% growth from a 0.58% contraction. On the demand side, private consumption contracted by 1.48% in Q3, following a 5.21% decline in the previous quarter, amid a slump in expenditure abroad due to border control measures related to COVID-19, although government stimulus boosted domestic spending in retail sales and food services. Also, exports of goods and services grew by 3.64 %, mainly driven by the strong foreign demand for parts of electronic product, information, communication and audio-video products. The economy is projected to grow by 2.54% in 2020, up by 0.98 percentage point from the previous forecast. source: National Statistics, Republic of China
GDP Annual Growth Rate in Taiwan averaged 7.18 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 December of 2020.
GDP Annual Growth Rate in Taiwan is expected to be 3.40 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 3.20 in 12 months time. In the long-term, the Taiwan GDP Annual Growth Rate is projected to trend around 3.40 percent in 2021 and 2.60 percent in 2022, according to our econometric models.