Q4 2017 ECONOMIC REPORT
TAIWAN ECONOMY: 2017 Q4 UPDATE
To download a copy please click here: Q4 2017 ECONOMIC REPORT
Taiwan’s GDP growth rate rose to 3.28% year-on-year (yoy) in Q4 and by 2.86% overall for 2017 driven primarily by external demand for Taiwanese exports which grew by 13.2%. Reflecting renewed optimism in global macroeconomic conditions, official growth estimates for 2018 growth were raised to 2.42%.
On 29 December 2017, Taiwan passed legislation to establish a FinTech regulatory sandbox based on the UK model. It is hoped the move will further boost a financial services sector which has grown at an average annual rate of 4.46% over the last five years, outperforming the wider economy’s 2.26% growth over the same period.
On 28 February and after twenty years at the helm of Taiwan’s Central Bank, Governor Perng Fai-nan stepped down to be replaced by his long-time Deputy, and UK alumni, Yang Chin-long. Analysts welcome a move seen as ensuring stability and consistency in Taiwan’s monetary policies.
Mr Meng-Zhou WU
Senior Economic Officer
British Office Taipei
Tel: +886 2 8758 2051