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Financial News: Taiwan GDP Growth Eases On Weak Consumption

Taiwan GDP Growth Eases On Weak Consumption

10/29/2021 - 07:04:00 (RTTNews)

(RTTNews) - Edited headline

Taiwan's economy grew at a slower pace in the third quarter largely due to the fall in household spending, advance estimates from the Directorate-General of Budget, Accounting and Statistics showed Friday.

Gross domestic product grew 3.8 percent sequentially, much weaker than the second quarter's 7.43 percent expansion. Economists had forecast an expansion of 4 percent.

On a quarter-on-quarter seasonally-adjusted annualized basis, GDP was up 2.27 percent, in contrast to the 4.21 percent fall in the second quarter.

With virus cases now very low and the vaccine rollout gathering momentum, GDP growth is expected to accelerate in the near term, Gareth Leather, an economist at Capital Economics, said.

Real household consumption fell 5.49 percent from the second quarter mainly reflecting the expenditure slump caused by pandemic restrictions, and the high base effect. Meanwhile, growth in government spending improved to 3.31 percent.

Gross capital formation surged 27.97 percent, primarily owing to the surge of the investment in machinery equipment as well as transportation equipment and construction.

Exports of goods and services climbed 14.05 percent due to the strong foreign demand for electronic parts and ICT products. At the same time, imports grew 19.37 percent.

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