Taiwan posts 6.28 percent GDP growth in 2021, fastest pace in over a decade

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CNA photo Jan. 27, 2022

By Pan Tzu-yu and Ko Lin

TAIPEI, Taiwan, (CNA) – Taiwan’s economy grew by 6.28 percent in 2021 on the back of strong exports, beating an earlier forecast made in November while posting the largest growth rate in 11 years, according to an advance estimate released Thursday by Taiwan’s statistics bureau.

The country’s gross domestic product (GDP) growth surpassed the previous forecast of 6.09 percent, the Directorate General of Budget, Accounting and Statistics (DGBAS) said Thursday.

The higher-than-expected number was the result of a strong fourth quarter, when the economy grew by an estimated 4.88 percent, higher than the 4.15 percent previously forecast.

Meanwhile, real exports of goods and services grew by an estimated 11.92 percent year-on-year in the fourth quarter of 2021, due mainly to the strong foreign demand for manufacturing products, as well as thriving shipping services accompanied by international trade, the DGBAS said.

Regarding gross capital formation, the statistics bureau said investment in machinery equipment, transportation equipment, and construction grew significantly last year.

The gross capital formation’s annual growth rate was 4.07 percent in 2021, which was higher than the 1.64 percent posted in the previous year, the bureau’s advance estimates showed.

In Q4, real private final consumption grew by 1.62 percent year-on-year in 2021, an upturn from the 5.60-percent decline in the previous quarter, mainly reflecting the restoration of retail sales and food services due to the easing of COVID-19 restrictions and the introduction of the government’s stimulus packages.

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