Taiwan Q4 GDP Growth Eases To 1.84%

(RTTNews) - Taiwan's economy continued to expand in the final quarter of 2024, though at the slowest pace in more than a year, according to advance estimates by the Directorate General of Budget, Accounting, and Statistics, or DGBAS, revealed on Friday.

Gross domestic product, or GDP, advanced 1.84 percent year-on-year in the fourth quarter, slower than the 4.17 percent increase in the September quarter. The expected growth rate was 2.0 percent.

Further, this was the weakest growth since the third quarter of 2023, when GDP had risen 1.55 percent.

On the expenditure side, private final consumption grew by 1.94 percent over the year versus a 6.69 percent rise in the third quarter. The overall increase was mainly driven by expenditures such as domestic shopping and services, outbound tourism, and higher securities and funds transaction fees due to a robust financial market.

Government final consumption also advanced at a slower pace of 2.26 percent, while gross capital formation continued to expand strongly by 17.53 percent.

Exports of goods and services climbed 7.8 percent, and imports were 18.30 percent higher.

On a quarter-on-quarter, seasonally adjusted, annual basis, GDP rose 2.04 percent, faster than the 0.90 percent expansion a quarter ago.