Directorate General of Budget, Accounting and Statistics, Executive Yuan, R.O.C.

February 12, 2020　Taiwan's real gross domestic product (GDP) grew by 3.31% from the same quarter of the previous year in 2019Q4, according to the latest preliminary estimate. For the whole 2019, the economic growth rate was 2.71%. Meanwhile, the real GDP is projected to grow by 2.37% in 2020.

Preliminary Estimate of Real GDP in 2019Q4 and 2019

        The real GDP increased by 7.76% on a quarter-on-quarter, seasonally-adjusted annualized basis (saar), or by 3.31% on a year-on-year basis (yoy) in 2019Q4, 0.07 percentage point lower than the advance estimate.

        Meanwhile, the economic growth rate of 2019Q3 has been revised to 3.03% (formerly 2.99%). For the whole 2019, real GDP grew by 2.71%.

        On the demand side, real private final consumption expanded by 2.63% (yoy) in 2019Q4, higher than the 2.52% growth in the previous quarter, mainly reflecting the sales growth of cars and electric scooters and the increase in financial services. However, the higher base of 9-in-1 elections spending in 2018Q4 partly offset the growth.

        Real gross capital formation expanded by 10.50% (yoy), turning from the 0.85% decline in the previous quarter, mainly due to the robust increase in machinery and equipment investment.

        In addition, real exports of goods and services grew by 2.64% (yoy), higher than the 0.03% decline in the previous quarter, mainly driven by the foreign strong demand for information, communication and audio-video, as well as parts of electronic products. Imports also increased by 4.44% (yoy).

        On the production side, the manufacturing sector grew by 1.74% (yoy) in 2019Q4, following the1.78% increase in the previous quarter, mainly due to the output expansion of semiconductor and computers, electronic & optical products.

        The wholesale & retail trade sector and the financial & insurance sector increased by 4.95% and 5.48%(both yoy) respectively, after the expansion of 3.00% and 6.04% growth in the previous quarter.

Outlook for 2020

        The export growth in 2020 will be supported by the emerging demand for new technological applications, such as 5G, internet of things (IOT) and artificial intelligence as well as the competitive dominance in semiconductor manufacturing industry, while dampened by the coronavirus disease 2019 (COVID-19) outbreak. It is expected for real exports of goods and services to grow by 1.73%.

        Real private consumption will grow by 1.58%. Though the COVID-19 outbreak might lower the consumer confidence, it is expected that the impact could be partly offset by the emerging e-commerce and food delivery services, and will be eased over time.

        Real private fixed capital formation is anticipated to grow by 3.10%, due to the continuing investment of semiconductor industry, 5G infrastructure, and the reshoring Taiwan’s overseas companies.

        Combining the above components as well as the public sector, Taiwan’s real GDP is projected to grow by 2.37% in 2020, downward revised by 0.35 percentage point from the previous forecast.

        Consumer price Index (CPI) will gently increase 0.62%, downward revised by 0.09 percentage point, mainly reflecting the cost reduction resulted from the decline in prices of raw material.

Full text and tables (PDF)

【Attachment】

• Table 1-1 Gross Domestic Product and Economic Growth Rate (EXCEL) (ODF)
• Table 1-2 GDP、GNI and NI (EXCEL) (ODF)
• Table   2  Changes in Prices (EXCEL) (ODF)
• Table 3-1 Expenditures on Gross Domestic Product : At Current Prices (EXCEL) (ODF)
• Table 3-2 Expenditures on Gross Domestic Product : Composition at Current Prices (EXCEL) (ODF)
• Table 3-3 Expenditures on Gross Domestic Product : Growth Rates In Chained Volume Indexes(yoy) (EXCEL) (ODF)
• Table 3-4 Expenditures on Gross Domestic Product : Contributions to Economic Growth Rate(yoy) (EXCEL) (ODF)
• Table 4-1 Gross Domestic Product by Kind of Activity : At Current Prices (EXCEL) (ODF)
• Table 4-2 Gross Domestic Product by Kind of Activity : Composition at Current Prices (EXCEL) (ODF)
• Table 4-3 Gross Domestic Product by Kind of Activity : Growth Rates In Chained Volume Indexes(yoy) (EXCEL) (ODF)
• Table 4-4 Gross Domestic Product by Kind of Activity : Contributions to Economic Growth Rate (EXCEL) (ODF)
• Table   5  Gross National Savings and Gross Domestic Investment (EXCEL) (ODF)
• Table   6  Exports and Imports (EXCEL) (ODF)
• Table 7-1 Expenditures on GDP, Seasonally Adjusted : Chained dollars (Reference year = 2016) (EXCEL) (ODF)
• Table 7-2 Expenditures on GDP, Seasonally Adjusted : Growth Rates (EXCEL) (ODF)
• Table   8  Indicators for Private Final Consumption Expenditure (EXCEL) (ODF)
• Table   9  Indicators for Private Gross Fixed Capital Formation (EXCEL) (ODF)
• Table  10  Economic Growth Rates of Major Countries (EXCEL) (ODF)
• Table  11  The Changes of Consumer Price Indices for Major Countries (EXCEL) (ODF)
• Table  12  Summary of Earning and Productivity Statistics in Taiwan Area (EXCEL) (ODF)