Taiwan's 2019 GDP up 2.73%

By ECCT staff writers

Based on an "advance estimate" by Taiwan's Directorate General of Budget Accounting and Statistics (DGBAS), Taiwan's real GDP rose by 2.73% in 2019 year on year (yoy), driven by strong activity in the fourth quarter of 2019. In particular, according to the DGBAS, real private final consumption expanded by 2.94% yoy in 4Q19, higher than the 2.28% growth in 3Q19, mainly reflecting the sales growth of cars and electric scooters and the increase in financial services. Moreover, real gross capital formation expanded by 10.72% yoy in 4Q19, mainly due to an increase in machinery and equipment investment. In addition, real exports of goods and services grew by 2.33% yoy, higher than the 0.33% growth in the previous quarter, mainly driven by the foreign strong demand for information, communication and audio-video, as well as parts of electronic products. Imports also increased by 4.26% yoy in 4Q19.

The advance estimate is higher than the DGBAS's previous forecast made in the fourth quarter of 2019 and slightly above the 2.63% growth rate of 2018.