Taiwan's GDP rises 6.28% in 2021

28 January, 2022

By ECCT staff writers


Based on advance estimates by the Directorate General of Budget, Accounting and Statistics (DGBAS), Taiwan’s real gross domestic product (GDP) increased by 4.88% on a year-on-year basis (y-o-y) in 4Q21 and 6.28% for the full year in 2021, the highest growth rate in 11 years.



The higher-than-expected annual growth rate was due to better-than-expected performance in 4Q21 where real exports of goods and services grew by 11.92% y-o-y, mainly driven by the strong foreign demand for manufacturing products, as well as thriving shipment services accompanied by international trade, according to a DGBAS news release. Imports also increased by 15.56% y-o-y. Meanwhile, gross capital formation, investment in machinery equipment, transportation equipment and construction grew significantly. Combining inventory changes, real gross capital formation expanded by 13.92% y-o-y. Real private final consumption grew by 1.62% y-o-y in 4Q21, a rise from the 5.6% decline in the previous quarter, mainly reflecting the restoration of retail sales and food services due to restrictions easing and government stimulus packages, according to the news release.

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