Taiwan GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

5.06

Units In

6.56

Frequency

Quarterly

Next Release

Nov 29, 2024

Time to Release

3 Months 9 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
17.26 Sep 1978	-7.88 Mar 2009	6.99 %	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 5.06% year-on-year in the second quarter of 2024, missing preliminary estimates of 5.09% gain and compared to a near three-year high and upwardly revised of 6.63% growth in the previous three-month period. Net external demand contributed to the slowdown in the country's economy, as imports surged 10.15% (vs 0.91%) while exports increased at a softer 7.65% (vs 9.22%). Additionally, household consumption (2.77% vs 4.13%) eased. Meanwhile, government spending (1.9% vs 1.47%) continued to grow and rebounded sharply for gross fixed capital formation (6.59% vs -5.02%). On a seasonally adjusted quarterly basis, the country's GDP rose 0.29% in the second quarter of 2024, accelerating from a downwardly revised 0.1% rise in the previous three-month period.