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Taiwan’s GDP Surges in Q4 2023, Positive Growth Forecast for 2024

Directorate General of Budget, Accounting & Statistics updated its macroeconomic forecast
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Directorate General of Budget, Accounting & Statistics revised up this year’s economic growth rate to 3.43%, and estimated that the CPI will rise by 1.85%

Taiwan’s economic landscape revealed its strength and vitality, expanding by 4.93% year-over-year in the fourth quarter of 2023. Bolstered by strong consumer spending in services and a surge in exports, the pace of growth was slightly below the advance estimate. The quarter-on-quarter figures were simply staggering, jumping 9.70% seasonally adjusted and annualized, bringing the year to a close with an annual expansion of 1.31%, amidst global economic headwinds and market volatility. The itemized expansion showcased a vibrant demand-side expansion propelled by strong private consumption and exports, with the service sector and the emergence of goods exports driving the economy, despite a contraction in machinery equipment investment.

Taiwan’s 2024 economic outlook is sanguine as it forecasted a 3.43% GDP growth that is aligned with global economic trends and is expected to be buttressed by strong gains in technology exports and tourism. The IMF’s projected uptick in world trade volume suggests a favorable backdrop for an export-oriented economy, and with the expected increase in private consumption and investment points to an economy that is not only rebounding, but adjusting to an innovative and sustainable economic environment. The upward revision reflects confidence in Taiwan’s economic resilience and in its ability to navigate the ongoing global uncertainties, promising a year of strong, steady, and balanced economic growth.

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