3Q24 GDP rises 3.97%

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 3.97% on a year-on-year basis (yoy) in the third quarter of 2024 (3Q24) and 4.38% on a quarter-on-quarter seasonally-adjusted annualized basis (saar).

The DGBAS attributed the rise, which was higher than its previous expectations, to thriving emerging technologies, such as artificial intelligence (AI), and the strong demand for information and communication products, which led to a rise in exports of goods and services of 8.67% (yoy). Imports also grew by 13.33% (yoy). Meanwhile, real private final consumption expanded by 1.92% (yoy) in 3Q24, mainly driven by expenditures such as domestic shopping, recreation and outbound tourism, as well as the securities and funds transaction fees caused by a robust financial market. In terms of gross capital formation, investments in machinery equipment, construction and intellectual property products increased. Combining inventory changes, real gross capital formation expanded by 15.27% (yoy) in the quarter.