Apr 23, 2024
Summary of current season's economic situation analysis —2023Q4
Comprehensive analysis of the International Economic Outlook, Taiwan Economic Overview, and Taipei Econ Overview in the 2023Q3.
About the Author:Editing by Huang Nuan-Yun
Editor of Taipeiecon
International Economic Outlook
According to EIU, IMF, OECD and other institutions to observe the economic growth forecast for the world's major economies in 2024: U.S. real GDP will grow by 2.4%, Japan's real GDP will grow by 1.4%, China`s real GDP will grow by 4.7%, the real GDP of the euro area will grow by 1.1%.
Unit:%
2023 Global Economic Growth Forecast Compiled Chart
| IMF 2024.01 (2023.10) | UN 2024.01 (2023.10) | S&P Global 2024.02 (2024.01) | OECD 2023.11 (2023.09) | EIU 2024.02 (2024.01) | WB 2024.01 (2023.06) |
region | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
Global
|
3.1 |
3.2 |
2.4 |
2.7 |
2.5 |
2.6 |
2.7 |
3.0 |
2.4 |
2.6 |
2.4 |
2.7 |
(2.9) |
(3.2) |
(2.5) |
(-) |
(2.3) |
(2.6) |
(2.7) |
(-) |
(2.3) |
(2.6) |
(2.4) |
(3.0) |
USA
|
2.1 |
1.7 |
1.4 |
1.7 |
2.4 |
1.6 |
1.5 |
1.7 |
1.8 |
1.6 |
1.6 |
1.7 |
(1.5) |
(1.8) |
(1.9) |
(-) |
(1.7) |
(1.5) |
(1.3) |
(-) |
(1.3) |
(1.6) |
(0.8) |
(2.3) |
JAPAN
|
0.9 |
0.8 |
1.2 |
1.1 |
0.7 |
1.1 |
1.0 |
1.2 |
1.4 |
1.2 |
0.9 |
0.8 |
(1.0) |
(0.6) |
(0.9) |
(-) |
(0.7) |
(1.1) |
(1.0) |
(-) |
(1.4) |
(1.2) |
(0.7) |
(0.6) |
EURO
|
0.9 |
1.7 |
1.1 |
1.5 |
0.5 |
1.5 |
0.9 |
1.5 |
0.8 |
1.6 |
0.7 |
1.6 |
(1.2) |
(1.8) |
(1.2) |
(-) |
(0.4) |
(1.5) |
(1.1) |
(-) |
(0.8) |
(1.6) |
(1.3) |
(2.3) |
CHINA
|
4.6 |
4.1 |
4.7 |
4.5 |
4.7 |
4.5 |
4.7 |
4.2 |
4.7 |
4.4 |
4.5 |
4.3 |
(4.2) |
(4.1) |
(4.8) |
(-) |
(4.7) |
(4.5) |
(4.6) |
(-) |
(4.9) |
(4.4) |
(4.6) |
(4.4) |
WORLD TRADE |
3.3 |
3.6 |
2.4 |
3.2 |
- |
- |
2.7 |
3.3 |
2.4 |
3.3 |
2.3 |
3.1 |
(3.5) |
(3.7) |
(-) |
(-) |
(-) |
(-) |
(-) |
(-) |
(2.4) |
(3.4) |
(2.8) |
(3.0) |
Note:( )advance estimate.
Source:
- IMF:World Economic Outlook(January 30th 2024)
- UN:World Economic Situation and Prospects 2024(January 04th 2024)
- S&P Global(Febuary 15st 2024)
- OECD:OECD Economic Outlook(November 29th 2023)
- EIU:One-click Report: World (forecast closing date:Febriaru 13th 2023)
- WB:Global Economic Prospects(January 2024)
- Organized by the Department of Industrial Development of the Taiwan Institute of Economic Research.
Taiwan Economic Overview
Key Domestic Economic Indicators in 2023: The real GDP grew by 1.31%. The value of export orders reached US$561.04 billion, marking a year-on-year decrease of 15.86%. Total exports were valued at US$432.48 billion, reflecting a year-on-year decline of 9.79%. The industrial production index and the manufacturing industry production index increased to 86.11 and 85.56, respectively, indicating a year-on-year decrease of 12.45% and 12.88%.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
GDP (%) |
2023 |
1.31 |
— |
Export Orders (US$ billion) |
2023 |
561.04 |
▼15.86% |
Custom Exports (US$ billion) |
2023 |
432.48 |
▼9.79% |
Industrial Production Index in Taiwan |
2023 |
86.11 |
▼12.45% |
Taipei Econ Overview
As of December 2023, a total of 239,835 businesses were registered in Taipei City. This represents an increase of 4,709 businesses from the previous year, marking a year-on-year growth of 2.00%. The registered capital of enterprises in Taipei City reached 14.72 trillion, up by 4.09% over the same period last year. The number of registered factories in Taipei City stood at 920, showing an annual decrease of 5.35%.
The number of profit-seeking enterprises in Taipei City amounted to 249,209, with total income from these enterprises reaching 17.13 trillion, an annual increase of 0.30%. The tertiary sector reported sales of 13.85 trillion, achieving an annual growth of 3.73%. Approved foreign investments in Taipei City totaled US$90.36 billion, an annual increase of 25.15%. The number of newly established foreign companies in Taipei City was 222, remaining unchanged from the previous year.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
Industry & Business Registration (Number) |
Dec 2023 (bottom value) |
239,835 |
▲2.00% |
Total Capital of Companies Registered (NT$ trillion) |
Dec 2023 (bottom value) |
14.72 |
▲4.09% |
Factory Registration (Number) |
Dec 2023 (bottom value) |
920 |
▼5.35% |
The Number of the Profit-seeking Enterprise (Number) |
Dec 2023 (bottom value) |
249,209 |
▲1.99% |
The Amount of the Profit-seeking Enterprise Income (NT$ trillion) |
2023 (whole year) |
17.13 |
▲0.30% |
Sales of Tertiary Industry (NT$ trillion) |
2023 (whole year) |
13.85 |
▲3.73% |
Foreign Direct Investment (US$ hundred million) |
2023 (whole year) |
90.36 |
▼25.15% |
Number of Newly Established Foreign Companies (Number) |
2023 (whole year) |
222 |
— |