- National Accounts Section, Department of Statistics, Directorate General of Budget, Accounting & Statistics (DGBAS) October 31, 2024.
TAIPEI, Taiwan – Based on advance estimates by DGBAS, the real gross domestic product (GDP) increased by 3.97 percent on a year-on-year basis (yoy) in 2024Q3 and 4.38 percent on a quarter-on-quarter seasonally-adjusted annualized basis (saar).
“Due to the thriving of emerging technologies, such as artificial intelligence (AI), and the strong demand of Information and Communication Products, real exports of goods and services grew by 8.67 percent (yoy). Imports also grew by 13.33 percent (yoy).
“Real private final consumption expanded by 1.92 percent (yoy) in 2024Q3, mainly driven by expenditures such as domestic shopping, recreation and outbound tourism, as well as the securities and funds transaction fees caused by robust financial market.
“Regarding gross capital formation, investments in machinery equipment, construction and intellectual property products increased. Combining inventory changes, real gross capital formation expanded by 15.27 percent (yoy),” DGBAS said in its October 31 report.
