Taiwan’s GDP 5.06% up YoY in Q2

Taiwan’s economy rose by 5.06 per cent year-on-year in the second quarter of 2024, following a revised 6.63 per cent growth in the first quarter, according to the latest preliminary estimate released on Friday.

The government is anticipating a 3.90 per cent gross domestic product (GDP) growth for the year and 3.26 per cent in 2025.

The Consumer Price Index (CPI) is projected to rise by 2.17 per cent in 2024, driven mainly by increased food and service prices.

Typhoon Gaemi led to higher fruit and vegetable costs, while the continuous uptick in dining out, housing, and healthcare expenses also influenced inflation. However, CPI is forecasted to ease to 1.91 per cent in 2025.

Attribution: Preliminary Estimate for 2024Q2, and Outlook for 2024-25

Subediting: Y.Yasser