Latest news with #DirectorateGeneralofBudget
CNA
31-07-2025
- Business
- CNA
Taiwan Q2 GDP grew fastest in four years on strong tech demand
TAIPEI :Taiwan's export-driven economy grew in the second quarter of 2025 at its highest rate in four years as tech demand remained robust despite the looming threat of U.S. tariffs. The island is awaiting more clarity on the outcome of just-concluded trade negotiations with U.S. President Donald Trump's administration ahead of his August 1 deadline for a deal to avert heavy levies on imports from Taiwan. Taiwan's gross domestic product grow 7.96 per cent year on year in the April-June quarter, the Directorate General of Budget, Accounting and Statistics said on Thursday. That beat both the 5.7 per cent forecast in a Reuters poll and the 5.48 per cent in the first quarter. Taiwan's economy could be substantially affected this year if Trump follows through with his announced tariff policy. Taiwan was due to be hit with a 32 per cent U.S. tax on imports, until Trump paused the entire plan for 90 days in April. Earlier on Thursday, Taiwan's cabinet said the island and the U.S. had completed talks on tariff technicalities and reached consensus on issues including non-tariff trade barriers, with the fine print hinging on the U.S. decision-making process.
Reuters
31-07-2025
- Business
- Reuters
Taiwan Q2 GDP grew fastest in four years on strong tech demand
TAIPEI, July 31 (Reuters) - Taiwan's export-driven economy grew in the second quarter of 2025 at its highest rate in four years as tech demand remained robust despite the looming threat of U.S. tariffs. The island is awaiting more clarity on the outcome of just-concluded trade negotiations with U.S. President Donald Trump's administration ahead of his August 1 deadline for a deal to avert heavy levies on imports from Taiwan. Taiwan's gross domestic product grow 7.96% year on year in the April-June quarter, the Directorate General of Budget, Accounting and Statistics said on Thursday. That beat both the 5.7% forecast in a Reuters poll and the 5.48% in the first quarter. Taiwan's economy could be substantially affected this year if Trump follows through with his announced tariff policy. Taiwan was due to be hit with a 32% U.S. tax on imports, until Trump paused the entire plan for 90 days in April. Earlier on Thursday, Taiwan's cabinet said the island and the U.S. had completed talks on tariff technicalities and reached consensus on issues including non-tariff trade barriers, with the fine print hinging on the U.S. decision-making process.
Yahoo
28-05-2025
- Business
- Yahoo
Taiwan trims 2025 GDP growth forecast, cites US tariff uncertainty
TAIPEI (Reuters) -Taiwan's trade-reliant economy is expected to grow at a slower pace in 2025 than previously forecast, as uncertainty over possible U.S. tariffs weighs on growth, the statistics agency said on Wednesday. A semiconductor powerhouse that runs a large trade surplus with the U.S., Taiwan was facing duties of 32% on its U.S. imports until U.S. President Donald Trump paused tariffs for 90 days to allow negotiations to take place. Taiwan's gross domestic product is now expected to rise 3.1% this year, the official forecast from the Directorate General of Budget, Accounting and Statistics showed, slightly lower than the 3.14% it forecast in February. One main uncertainty is "the outcome of U.S. trade tariff negotiations with various countries that can have a far-reaching impact on the global economy, inflation, and supply chains," it said in a statement. It also said that weak growth in consumption and domestic investments could contribute to slowing growth. In April, the statistics agency unexpectedly said it would raise its full-year growth forecast to 3.6% on strong tech demand. Taiwan is a key hub in the global technology supply chain for companies such as Apple and Nvidia, and home to the world's largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC). The United States is Taiwan's second-biggest export destination after China. Taiwan's exports this year are expected to grow by 8.99%, the agency said, upgrading a previous forecast of 7.08%. GDP expanded by 5.48% in the first quarter, the statistics agency said, compared to a preliminary reading of 5.37%, and was the fastest rate of growth since the first quarter of 2024 when the economy expanded 6.64%. The forecast for the consumer price index (CPI) was lowered to 1.88% from 1.94% previously. Sign in to access your portfolio
