Taiwan GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

2.9

Units In

4.17

Frequency

Quarterly

Next Release

May 29, 2025

Time to Release

2 Months 29 Days 7 Hours

Highest	Lowest	Average	Date Range	Source
17.26 Sep 1978	-7.88 Mar 2009	6.96 %	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

Taiwan’s annual economic growth for the final quarter of 2024 was revised upward to 2.9% from an initial estimate of 1.84%, compared to a revised 4.21% expansion in the previous quarter. Private final consumption grew by 2.49%, while gross capital formation climbed by 19.2%. However, net external demand contributed negatively to the GDP, as double-digit growth in imports (18.31%) outpaced the rise in exports (8.9%). On the production side, activity slowed across several sectors, including manufacturing (6.36% vs 8.28% in Q3), construction (1.94% vs 2.84%), wholesale & retail trade (2.74% vs 4.56%), transportation & storage (0.4% vs 1.66%), and information & communication (2.44% vs 4.1%). On a seasonally adjusted quarterly basis, GDP grew by 6.64% in Q4, following a revised 2.38% rise in Q3. In 2024, the economic growth rate was 4.59%. Meanwhile, Taiwan has cut its 2025 GDP growth forecast to 3.14% from the 3.29% projected in November, amid concerns over U.S. tariff policies.