News
3Q22 GDP rises 4.1%
By ECCT staff writers
Taiwan’s GDP rose by 4.1% year-on-year in the third quarter of 2022, based on advance estimates by the Directorate General of Budget Accounting and Statistics (DGBAS). According to a DGBAS news release, real private final consumption grew by 7.49% y-o-y in 3Q22 primarily due to recovery in consumption such as retail, dining out, recreation and transportation, compared to low base in 2021 (when a nationwide epidemic alert was in place).
In terms of gross capital formation, investment in machinery equipment, construction and intellectual property products grew continuously. Combining inventory changes, real gross capital formation expanded by 0.91% y-o-y. Real exports of goods and services grew by 1.36% y-o-y, dragged down by weakening global demand and inventory adjustments. Imports increased by 1.20% y-o-y in the same period, according to the news release.
