Jul 04, 2024
Summary of current season's economic situation analysis —2024Q1
Comprehensive analysis of the International Economic Outlook, Taiwan Economic Overview, and Taipei Econ Overview in the 2024Q1.
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 2.7%, Japan's real GDP will grow by 1.3%, China's real GDP will grow by 4.7%, the real GDP of the euro area will grow by 1.1%.
Unit:%
2024 Global Economic Growth Forecast Compiled Chart
| IMF 2024.04 (2024.01) | UN 2024.01 (2023.10) | S&P Global 2024.04 (2024.03) | OECD 2024.02 (2023.11) | EIU 2024.04 (2024.03) | WB 2024.04 (2024.01) |
region | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |
Global
|
3.2 |
3.2 |
2.4 |
2.7 |
2.6 |
2.7 |
2.9 |
3.0 |
2.4 |
2.6 |
3.2 |
3.2 |
(3.1) |
(3.2) |
(2.5) |
(-) |
(2.6) |
(2.6) |
(2.7) |
(3.0) |
(2.4) |
(2.6) |
(3.1 |
(3.2) |
USA
|
2.7 |
1.9 |
1.4 |
1.7 |
2.5 |
1.7 |
2.1 |
1.7 |
2 |
1.6 |
2.7 |
1.9 |
(2.1) |
(1.7) |
(1.9) |
(-) |
(2.5) |
(1.4) |
(1.5) |
(1.7) |
(1.8) |
(1.6) |
(2.1) |
(1.7) |
JAPAN
|
0.9 |
1.0 |
1.2 |
1.1 |
0.8 |
1.2 |
1.0 |
1.0 |
1.3 |
1.2 |
0.9 |
1.0 |
(0.9) |
(0.8) |
(0.9) |
(-) |
(0.7) |
(1.1) |
(1.0) |
(1.2) |
(1.3) |
(1.2) |
(0.9) |
(0.8) |
EURO
|
0.8 |
1.5 |
1.1 |
1.5 |
0.6 |
1.4 |
0.6 |
1.3 |
0.8 |
1.5 |
0.8 |
1.5 |
(0.9) |
(1.7) |
(1.2) |
(-) |
(0.5) |
(1.5) |
(0.9) |
(1.5) |
(0.8) |
(1.5) |
(0.9) |
(1.7) |
CHINA
|
4.6 |
4.1 |
4.7 |
4.5 |
4.7 |
4.5 |
4.7 |
4.2 |
4.7 |
4.5 |
4.6 |
4.1 |
(4.6) |
(4.1) |
(4.8) |
(-) |
(4.7) |
(4.5) |
(4.7) |
(4.2) |
(4.7) |
(4.7) |
(4.6) |
(4.1) |
WORLD TRADE |
3.0 |
3.3 |
2.4 |
3.2 |
- |
- |
- |
- |
2.5 |
3.5 |
3.0 |
3.3 |
(3.3) |
(3.6) |
(-) |
(-) |
(-) |
(-) |
(2.7) |
(3.3) |
(2.4) |
(3.3) |
(3.3) |
(3.6) |
Note:( )advance estimate.
Source:
- IMF:World Economic Outlook(April 16th 2024)
- UN:World Economic Situation and Prospects 2024(January 04th 2024)
- S&P Global(April 15st 2024)
- OECD:OECD Economic Outlook(Febriaru 2024)
- EIU:One-click Report: World (forecast closing date:March 12th 2024)
- 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 2024Q1: The real GDP grew by 6.56%. The value of export orders reached US$133.32 billion, marking a year-on-year decrease of 2.13%. Total exports were valued at US$110.33 billion, reflecting a year-on-year increase of 12.91%. The industrial production index and the manufacturing industry production index increased to 87.54 and 87.21, respectively, indicating a year-on-year increase of 6.01% and 6.16%.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
GDP (%) |
2024Q1 |
6.56 |
— |
Export Orders (US$ billion) |
2024Q1 |
133.32 |
▼2.13% |
Custom Exports (US$ billion) |
2024Q1 |
110.33 |
▲12.91% |
Industrial Production Index in Taiwan |
2024Q1 |
87.54 |
▲6.01% |
Taipei Econ Overview
As of the end of March 2024, a total of 240,233 businesses were registered in Taipei City. This represents an increase of 4,335 businesses from the previous year, marking a year-on-year growth of 1.84%. The registered capital of enterprises in Taipei City reached 14.82 trillion, up by 4.50% over the same period last year. The number of registered factories in Taipei City stood at 919, showing an annual decrease of 5.06%.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
Industry & Business Registration (Number) |
March 2024 (bottom value) |
240,333 |
▲1.84% |
Total Capital of Companies Registered (NT$ trillion) |
March 2024 (bottom value) |
14.82 |
▲4.50% |
Factory Registration (Number) |
March 2024 (bottom value) |
919 |
▼5.06% |
The Number of the Profit-seeking Enterprise (Number) |
March 2024 (bottom value) |
248,827 |
▲1.69% |
The Amount of the Profit-seeking Enterprise Income (NT$ trillion) |
Jan.-Mar. 2024 (Cumulative Value) |
2.84 |
▲11.44% |
Sales of Tertiary Industry (NT$ trillion) |
Jan.-Mar. 2024 (Cumulative Value) |
2.30 |
▲11.83% |
Foreign Direct Investment (US$ hundred million) |
Jan.-Mar. 2024 (Cumulative Value) |
7.98 |
▼61.28% |
Number of Newly Established Foreign Companies (Number) |
Jan.-Mar. 2024 (Cumulative Value) |
46 |
▲2.22% |