TAIPEI: This was boosted by an increase in communication, clothing and footwear, and financial services consumption. Taiwan’s Statistical Bureau reported that its GDP increased by 3.28% YoY in 4Q2017, from 2.77% in 4Q2016. On a yearly basis, Taiwan’s GDP grew by 2.84%, from 1.41% in 2016.
This was driven by an increase in private final consumption, rising by 2.92% YoY, which was mainly due to a high consumption on communication, clothing and footwear, and financial services. Exports of goods and services increased by 6.01% YoY, which was caused by a high foreign demand for electronic components and machinery, whilst imports also inched up by 1.8% YoY in Q4.
Meanwhile, gross capital formation fell by 4.78% YoY, because of a decline in machinery and equipment investments.
