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Financial News: Taiwan GDP Growth Slows In Q2

Taiwan GDP Growth Slows In Q2

07/29/2022 - 06:10:00 (RTTNews)

(RTTNews) - Taiwan's economic growth slowed further in the three months ended June, according to advance estimates by the Directorate-General of Budget, Accounting and Statistics, released on Friday.

Gross domestic product advanced 3.08 percent year-over-year in the second quarter, following an expansion of 3.14 percent in the first quarter.

That was just below the 3.10 percent rise expected by economists.

On the expenditure side, despite the surge in Omicron variant cases, private final consumption increased by 2.96 percent annually in the second quarter. The rise was primarily due to revival in consumption such as retail, dining out, recreation and transportation.

Government final consumption rose 5.86 percent and gross capital formation registered a sharp growth of 9.43 percent, as investment in machinery equipment and transportation equipment grew significantly.

Meanwhile, GDP contracted 2.93 percent on a quarter-on-quarter seasonally-adjusted annualized basis after rising 4.30 percent in the preceding period.

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