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Financial News: Taiwan Q3 GDP Growth Improves

Taiwan Q3 GDP Growth Improves

10/28/2022 - 07:45:00 (RTTNews)

(RTTNews) - Taiwan's economy expanded at the fastest pace in a year in the third quarter largely driven by private consumption, official data showed Friday.

Gross domestic product climbed at a pace of 4.10 percent on a year-on-year basis after rising 3.05 percent in the second quarter, advance estimates by the Directorate General of Budget, Accounting & Statistics revealed.

This was the biggest growth since the third quarter of 2021, when GDP was up 4.37 percent.

On a quarter-on-quarter seasonally-adjusted annualized basis, GDP gained 6.63 percent, in contrast to the 7.01 percent contraction a quarter ago.

However, growth is set to weaken considerably over the coming quarters as exports struggle and the reopening boost to domestic demand fades, said Shivaan Tandon, economists at Capital Economics.

Data showed that private consumption surged 7.49 percent annually, primarily due to the recovery in consumption such as retail, dining out, recreation and transportation.

Meanwhile, government spending rose 2.35 percent, slower than the 5.85 percent expansion a quarter ago. The growth in gross capital formation eased sharply to 0.91 percent from 9.42 percent.

Exports of goods and services were up 1.36 percent, following the second quarter's 4.32 percent rise. Imports also rose at a slower pace of 1.2 percent after climbing 8.83 percent.

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