News
GDP rises 3.08% in 2Q22
By ECCT staff writers
Taiwan’s real gross domestic product (GDP) increased by 3.08% on a year-on-year (yoy) basis in the second quarter of 2022 (2Q22), based on advance estimates by the Directorate General of Budget Accounting and Statistics (DGBAS). This follows GDP growth of 3.14% posted in 1Q22. According to an official DGBAS news release, real exports of goods and services grew by 4.31% (yoy) in 2Q22, mainly supported by the continuing demand for applications of emerging technologies and digital transformation while Taiwan’s imports increased by 8.81% yoy.
Regarding gross capital formation, investment in machinery, equipment and transportation equipment grew significantly. Combining inventory changes, real gross capital formation expanded by 9.43% yoy, according to the news release. Despite the surge in Omicron variant coronavirus cases during the quarter, real private final consumption rose by 2.96% yoy in 2Q22, which the DGBAS attributed primarily due to revival in consumption such as retail, dining out, recreation and transportation, compared to low base in the same quarter of 2021 when there was a nationwide epidemic alert in place.
