Taiwan GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

4.17

Units In

5.06

Frequency

Quarterly

Next Release

Feb 28, 2025

Time to Release

2 Months 28 Days 8 Hours

Highest	Lowest	Average	Date Range	Source
17.26 Sep 1978	-7.88 Mar 2009	6.98 %	1962-2024	N/A

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).

Latest Updates

The Taiwanese economy expanded by 4.17% year-on-year in the third quarter of 2024, up from the preliminary estimate of a 3.97% increase, although slowing from a downwardly revised 4.89% gain in the previous three-month period. Domestic demand contributed to the slowdown in GDP, particularly household consumption (2.31% vs. 2.94% in Q2). However, government spending increased (4.05% vs. 2.03%), along with gross fixed capital formation (8.62% vs. 6.9%). Net external demand also expanded, as both exports (8.92% vs. 7.65%) and imports (14.71% vs. 11.51%) accelerated. On a seasonally adjusted quarterly basis, the country's GDP growth eased to 0.23% in the third quarter of 2024 from a 0.67% rise in the previous three-month period.