November 27, 2015 Taiwan's real gross domestic product (GDP) contracted by 0.63% from the same quarter of the previous year in 2015Q3, according to the latest preliminary estimation by DGBAS. The GDP is predicted to grow 1.06% and 2.32% in 2015 and 2016, respectively.
Preliminary Estimation of 2015Q3 GDP and Forecast for 2015
Taiwan's export plummeted due to the sluggish demand in global consuming electronic products, the crowding out effects from the expanded supply chain in Mainland China and the falling prices of crude oil. Coupling with weak domestic demand, Taiwan's GDP was estimated to decrease by 0.63% in 2015Q3, compared to the same quarter of 2014. In the meantime, the real GDP growth rates of 2015Q1 and Q2 were revised to 4.04% and 0.57% (formerly 3.84% and 0.52%).
Looking forward, Taiwan's GDP will be expected to grow by 0.49% in 2015Q4. Incorporating the previous three quarters, real GDP will grow by 1.06% in 2015. CPI is predicted to decline by 0.31%.
Outlook for 2016
The world economy is anticipated to have a better performance in 2016, which will sustain Taiwan's export growth. Combining with the domestic demand, real GDP will grow by 2.32% in 2016. CPI will increase by 0.84%.
Revision for the 2013 and 2014 National Accounts
DGBAS also released the annual revision of the 2013 and 2014 national accounts. The yearly GDP growth rates were revised to 2.20% (original 2.23%) for 2013 and 3.92% (3.77%) for 2014. |
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