1Q22 GDP up 3.06%

By ECCT staff writers, DGBAS

Taiwan's real gross domestic product (GDP) increased by 3.06% on a year-on-year (yoy) basis in the first quarter of 2022 (1Q22) and 6.39% on a quarter-on-quarter seasonally adjusted annualised basis (saar).

According to a news release from the Directorate General of Budget Accounting and Statistics (DGBAC), real exports of goods and services grew by 8.90% yoy, mainly supported by the increasing foreign demand for applications of emerging technologies, as well as flourishing shipment services accompanied by international trade. Imports also increased by 8.91% yoy. In addition, in terms of gross capital formation, investment in machinery equipment, transportation equipment and construction grew sustainably and steadily. Combining inventory changes, real gross capital formation expanded by 7.19% yoy. However, growth in real private final consumption rose by only 0.23% yoy in the quarter, primarily due to weakness in service consumption such as transportation and recreation, according to the news release.

Taiwan’s economy continues to outperform most other economies globally, including the United States, which saw its GDP contract by 1.4% in 1Q22.