Taiwan GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

3.97

Units In

5.06

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

28 Days 7 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 3.97% year-on-year in the third quarter of 2024, easily surpassing market expectations of a 3.4% gain, although it slowed from a 5.06% growth in the previous three-month period, preliminary estimates showed. Domestic demand contributed to the slowdown of the country’s GDP, with household consumption easing (1.92% vs. 2.77% in Q2), while government spending increased (3.9% vs. 1.9%). Meanwhile, net external demand rose, as both exports (8.67% vs. 7.65%) and imports (13.33% vs. 10.15%) continued to accelerate. On a seasonally adjusted quarterly basis, the country's GDP climbed 4.38% in the third quarter of 2024, accelerating from an upwardly revised 1.16% rise in the previous three-month period.