GDP rises 3.3% in 3Q20
By ECCT staff writers
Taiwan’s Gross Domestic Product rose 3.3% year-on-year in the third quarter of 2020 (3Q20). According to a News Release from the Directorate General of Budget, Accounting and Statistics (DGBAS), the “advance estimate” was on seasonally-adjusted annualized basis (saar).
According to the DGBAS, although real private final consumption contracted by 1.51% year-on-year in 3Q20 owing to the coronavirus pandemic, real exports of goods and services rose by 3.54%, mainly driven by the strong foreign demand for parts of electronic products, as well as information, communication and audio-video products while real gross capital formation expanded by 2.04%, primarily owing to the growth of the investment in construction as well as transport equipment. Government spending also increased 3.2% from a year earlier. Meanwhile, Imports of goods and services decreased by 1.77%.
Exports of electronic components (calculated in US dollar terms) rose 20.39% year-on-year while exports of information technology and video and audio products increased by 20.64%, according to the DGBAS. However, exports of basic metal products, machinery, and rubber and plastic products fell by 8.18%, 8.38% and 4.65%, respectively.
Outbound travel shrank by 97.8%, similar to a 98.94% slump in 2Q20. Domestic airline revenue declined 86.89%, while passengers on public transportation shrank 10%, according the DGBAS. However, retail businesses and restaurants saw recoveries of 4.57% and 0.85%, respectively, partly boosted by the government’s Triple Stimulus Voucher Programme.