News
4Q23 GDP rises 5.12%
By ECCT staff writers, DGBAS
Based on an advance estimate by the Directorate General of Budget Accounting and Statistics (DGBAS), Taiwan’s real gross domestic product (GDP) increased by 5.12% on a year-on-year basis (yoy) in the fourth quarter of 2023 (4Q23) and 8.79% on a quarter-on-quarter seasonally-adjusted annualized basis (saar).
According to a news release from the DGBAS, real private final consumption expanded by 5.44% y-o-y in 4Q23, mainly driven by expenditures on services such as transportation, travel, recreation, as well as consumption on vehicles and the flourishing outbound tourism. Due to the increase in exports of emerging application goods and travel service, real exports of goods and services grew by 3.58% y-o-y while imports fell by 4.26% y-o-y in the quarter. Meanwhile, gross capital formation, investment in transportation equipment grew significantly. However, investment in machinery equipment fell. Combining inventory changes, real gross capital formation declined by 8.68% y-o-y.
For the full year, GDP rose by just 1.4%, which is the lowest level in 14 years.
