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

May 28, 2025　 For the first quarter of 2025, Taiwan’s real gross domestic product (GDP) grew by 5.48% compared to the same period in the previous year, according to the latest preliminary estimate. Real GDP is projected to grow by 3.10% in 2025. Meanwhile, GDP growth rates have been revised to 3.82% and 4.84% for the fourth quarter and the whole year of 2024.

Preliminary Estimate of Real GDP in 2025Q1

        The real GDP increased by 7.25% on a quarter-on-quarter, seasonally-adjusted annualized basis (saar) and expanded by 5.48% on a year-on-year basis (yoy, all growth rates hereafter are on the same basis) in 2025Q1, 0.11 percentage point higher than the advance estimate.

        Meanwhile, the economic growth rates have been revised to 3.82% and 4.84% for the 2024Q4 and the whole year of 2024, respectively (formerly 2.90% and 4.59%).

        On the demand side, due to the strong demand for electronic information and communication products, real exports of goods and services grew by 20.29% in 2025Q1. Imports also grew by 24.43%.

        Real private final consumption expanded by 1.36%, mainly driven by expenditures on services such as dining, entertainment and outbound tourism.

        Regarding gross capital formation, investments in machinery equipment, construction and intellectual property products increased. Combining inventory changes, real gross capital formation expanded by 15.98%.

        On the production side, the manufacturing sector grew by 11.03% in 2025Q1, following the 6.61% increase in the previous quarter, mainly due to the output expansion of semiconductors, computers, electronics and optical products.

        The wholesale and retail trade sector increased by 3.32%, following the expansion of 2.75% in the previous quarter.

        The transportation and storage sector grew by 2.88% in 2025Q1, due to the growing demand for sea and air freight transportation.

        The financial and insurance sector increased by 6.37% in 2025Q1, following the 11.84% growth in the previous quarter.

Outlook for 2025

        Escalating trade protectionism and heightened policy uncertainty are dampening global economic momentum. In April, the International Monetary Fund (IMF) sharply revised down its 2025 world trade volume growth forecast to 1.7%, from 3.2% in January. While weaker overall demand is constraining exports in certain overcapacity industries, Taiwan’s semiconductor and ICT exports continue to benefit from strong demand driven by AI applications, rising computility needs, and infrastructure investments by cloud service providers and most national governments. Moreover, the bottlenecks in component supply and system integration for AI servers have been effectively resolved, supporting production and exports. Taken together, these factors are sustaining export growth. Notably, exports surged in 2025H1 as clients front-loaded purchases ahead of U.S. tariff measures, but a contraction is expected in 2025H2. In aggregate with services exports, real exports of goods and services will grow by 11.44% in 2025.

        Real private consumption will grow by 1.64%, supported by a stable labor market, steady wage growth, increased dividend payouts, and booming outbound tourism. However, rising global economic uncertainty and sharp financial market fluctuations could weaken consumer confidence, thereby constraining the momentum of consumption growth.

        Real private fixed capital formation is projected to increase by 5.77%. To meet AI-driven demand, semiconductor firms have been expanding their capacity in advanced processes and packaging technologies, while ramping up investments in R&D. Nevertheless, a slowdown in the housing market, coupled with geopolitical and trade uncertainties, is likely to temper overall investment momentum.

        Combining the above components as well as the public sector, Taiwan’s real GDP is projected to grow by 3.10% in 2025, revised downward by 0.04 percentage point. It is expected to grow by 5.35% in 2025H1 and 1.00% in 2025H2.

        The Consumer Price Index (CPI) will increase 1.88%, revised downward by 0.06 percentage point. Although food prices and rents continue to rise, the revision reflects declines in oil and raw material prices, as well as the appreciation of the New Taiwan dollar against the U.S. dollar, all of which have helped moderate overall inflation.

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 = 2021) (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  Percent Changes in CPI and Food Index of Major Countries & Regions (EXCEL) (ODF)