1Q24 GDP rises 6.51%

By ECCT staff writers, DGBAS

Based on advance estimates by the Directorate General of Budget Accounting and Statistics, (DGBAS), Taiwan’s real gross domestic product (GDP) increased by 6.51% on a year-on-year basis (yoy) in the first quarter of 2024 (1Q24).

According to the DGBAS, the increase in exports of emerging technologies such as artificial intelligence, pushed up goods exports from Taiwan, while an increase in inbound travel services, led to a rise in exports of goods and services of 10.21% yoy in the quarter. Imports also rose by 2.16% yoy. Meanwhile, real private final consumption expanded by 4.14% yoy in 1Q24, mainly driven by expenditures on services such as transportation, travel, restaurants and securities transaction fees, as well as the flourishing outbound tourism. However, the third component of GDP, gross capital formation, declined in 1Q24. While investment in construction, transportation equipment and intellectual property products rose, investment in machinery equipment fell significantly. Combining inventory changes, real gross capital formation declined by 4.47% yoy in the quarter.