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Taiwan posted stronger-than-expected economic growth in Q3/22 after easing COVID measures

Taiwan’s economy grew more than expected in Q3 2022 and at its fastest pace since Q4 21. This was due to a recovery in domestic demand after the government eased Covid 19 measures, although exports slowed.

Taiwan’s Bureau of Statistics reported that Taiwan’s gross domestic product (GDP) grew 4.1% in 3Q22 from the same period a year earlier, compared with a growth of 3.05% in 2Q22.

The Taiwanese economy grew by 6.63% quarter-on-quarter in Q3 2022, with seasonally adjusted data.

The Taiwan Bureau of Statistics said consumer spending picked up in 3Q2022 as the government eased COVID-19 measures.

Total exports grew by only 3.38% year-on-year in 3Q2022. It was pressured by high inflation around the world, including COVID-19 measures in China, which is Taiwan’s largest export market.

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