1Q21 GDP rises 8.16%
By ECCT staff writers
Based on the advanced estimate, Taiwan’s real gross domestic product (GDP) grew by 12.93% on a quarter-on-quarter seasonally-adjusted annualized basis (SAAR) and 8.16% on a year-on-year (yoy) basis in the first quarter of 2021 (1Q21), according to the Directorate General of Budget Accounting and Statistics (DGBAS).
Real private final consumption expanded by 2.08% yoy in 1Q21, a reversal from the decline of the previous four consecutive quarters. According to the DGBAS, the strong growth in domestic consumption offset most of the slump in consumption expenditure abroad caused by the Covid-19 pandemic, as well as the effect of a low base last year.
In terms of gross capital formation, investment in machinery equipment, transportation equipment and construction grew significantly. Combining inventory changes, real gross capital formation expanded by 8.29% yoy. In addition, real exports of goods and services grew by 19.57% yoy, mainly driven by the strong foreign demand for electronic parts and ICT products, as well as the rebound of machinery and chemical products. Imports also increased by 14.63% yoy in 1Q21.