National Statistics, Republic of China (Taiwan)

May 27, 2016　According to the latest revised estimation by DGBAS, Taiwan's real gross domestic product (GDP) grew by 0.65% in 2015, the lowest growth since the global financial crisis. For 2016, the latest preliminary estimation of real GDP decreased by 0.68% in Q1, compared to the same quarter of the previous year (yoy); and for the whole year, the real GDP is projected to grow by 1.06%.

Preliminary Estimation of real GDP in 2016Q1

        The real GDP increased by 3.14% on a quarter-on-quarter, seasonally-adjusted annualized basis (saar), and contracted by 0.68% on a year-on-year basis (yoy) in 2016Q1, 0.16 percentage point higher than in the advanced estimate.
        Meanwhile, the economic growth rate of 2015Q4 has been revised to -0.89% (formerly -0.52%). For 2015 as a whole, real GDP grew by 0.65 (formerly 0.75%).
        On the demand side, real private final consumption grew by 2.19% (yoy) in 2016Q1, mainly reflecting the increase of consumption on health, transport, communication, clothing-and-footwear, as well as restaurants-and-hotels.
        Real gross capital formation contracted by 2.19% (yoy), after the 2.67% contraction in the previous quarter, primarily due to declines in both inventory changes and construction investments, offsetting an increase in machinery and equipment expenditure.
        Meanwhile, real exports of goods and services decreased by 4.06% (yoy), following the 2.39% contraction in the previous quarter. Imports also shrank by 1.05% (yoy).
        On the production side, the agriculture sector decreased by 18.87% (yoy) in 2016Q1, compared to the 11.08% decline in the previous quarter, due to the strongest cold stream in 10 years and long period of wet weather.
        The manufacturing sector decreased by 3.72% (yoy), following the 4.41% decline in the previous quarter, mainly due to the weak market demand for electronical products and severe global competition.
        The construction sector decreased by 4.52% (yoy), from the 1.50% decline in the previous quarter, partly by the continuing wet weather and weak demand amid the quarter.
        The wholesale & retail trade sector decreased by 2.01% (yoy), down from the fall of 1.23% in the previous quarter.

Outlook for 2016

        The global economic outlook has softened, mainly dragged by the advanced economy’s weaker outlook. In addition, a further slowdown in the growth of China and the global financial turmoil weigh on world economic prospects.
        With a subdued outlook for the world economy and China's import substitution strategy, Taiwan’s export momentum is restrained, real exports of goods and services is projected to grow by 1.34%.
        Real private final consumption is projected to grow 1.46% at a modest path, reflecting Taiwan’s sluggish economy and low wage growth.
        Real private gross fixed capital formation is expected to grow 1.09%, supported by semiconductor manufacturers’ investment on machinery and equipment for developing advanced process. Yet, the declining housing market restrains construction investment expenditure.
        Taking into account the above factors, real GDP will only grow by 1.06% in 2016 and has been revised downward 0.41 percentage point.
        Consumer price Indices (CPI) will increase by 1.09% in 2016 and has been revised upward 0.40 percentage point, because damage of extreme weather brought high prices of vegetables and fruits in the first quarter.

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 = 2011) (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)