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Financial News: Taiwan's GDP Growth Improves In Q2

Taiwan's GDP Growth Improves In Q2

07/31/2019 - 06:28:00 (RTTNews)

(RTTNews) - Taiwan's economic growth strengthened in the second quarter on strong exports and investment, the Directorate General of Budget, Accounting and Statistics reported Wednesday.

Real gross domestic product expanded 2.41 percent year-on-year, faster than the 1.71 percent growth seen in the first quarter.

At the same time, quarter-on-quarter annualized GDP advanced 4.68 percent after rising 2.33 percent a quarter ago.

Private final consumption grew 1.57 percent, reflecting higher sales of cars and electric scooters. Gross capital formation advanced 6.04 percent due to the increase in machinery and equipment investment.

Despite trade disputes, Taiwan's exports advanced at a faster pace of 4.11 percent on strong foreign demand for information, communication and audio-video. Imports increased 3.69 percent.

"With headwinds to the economy mounting, we don't expect the recovery to last," Gareth Leather, an economist at Capital Economics, said. With global growth weakening further, Taiwan's exports that account for around 70 percent of GDP, will be affected.

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