Sep 26, 2024
Summary of current season's economic situation analysis —2024Q2
Comprehensive analysis of the International Economic Outlook, Taiwan Economic Overview, and Taipei Econ Overview in the 2024Q2.
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 2.6%, Japan's real GDP will grow by 1.2%, China's real GDP will grow by 5.0%, the real GDP of the euro area will grow by 1.0%.
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 |
3.3 |
2.7 |
2.8 |
2.7 |
2.7 |
3.1 |
3.2 |
2.5 |
2.6 |
2.6 |
2.7 |
(3.2) |
(3.2) |
(2.4) |
(2.7) |
(2.7) |
(2.7) |
(2.9) |
(3.0) |
(2.5) |
(2.6) |
(2.4) |
(2.7) |
USA
|
2.6 |
1.9 |
2.3 |
1.7 |
2.6 |
1.7 |
2.6 |
1.8 |
2.4 |
1.4 |
2.5 |
1.8 |
(2.7) |
(1.9) |
(1.4) |
(1.7) |
(2.4) |
(1.6) |
(2.1) |
(1.7) |
(2.2) |
(1.5) |
(1.6) |
(1.7) |
JAPAN
|
0.7 |
1.0 |
1.2 |
1.1 |
0.1 |
1.3 |
0.5 |
1.1 |
0.5 |
1.1 |
0.7 |
1.0 |
(0.9) |
(1.0) |
(1.2) |
(1.1) |
(0.1) |
(1.3) |
(1.0) |
(1.0) |
(0.8) |
(1.2) |
(0.9) |
(0.8) |
EURO
|
0.9 |
1.5 |
0.8 |
1.4 |
0.8 |
1.3 |
0.7 |
1.5 |
1.0 |
1.5 |
0.7 |
1.4 |
(0.8) |
(1.5) |
(1.1) |
(1.5) |
(0.8) |
(1.5) |
(0.6) |
(1.3) |
(1.0) |
(1.6) |
(0.7) |
(1.6) |
CHINA
|
5.0 |
4.5 |
4.8 |
4.5 |
5.0 |
4.6 |
4.9 |
4.5 |
4.7 |
4.4 |
4.8 |
4.1 |
(4.6) |
(4.1) |
(4.7) |
(4.5) |
(5.0) |
(4.6) |
(4.7) |
(4.2) |
(4.7) |
(4.5) |
(4.5) |
(4.3) |
WORLD TRADE |
3.1 |
3.4 |
3.2 |
3.6 |
- |
- |
2.3 |
3.3 |
2.8 |
3.4 |
2.5 |
3.4 |
(3.0) |
(3.3) |
(2.4) |
(3.2) |
(-) |
(-) |
(2.7) |
(3.3) |
(2.8) |
(3.5) |
(2.3) |
(3.1) |
Note:( )advance estimate.
Source:
- IMF:World Economic Outlook(July 2024)
- UN:World Economic Situation and Prospects as of Mid-2024(May 16th 2024)
- S&P Global(August 15st 2024)
- OECD:OECD Economic Outlook(May 2024)
- EIU:One-click Report: World (forecast closing date:Augusy 13th 2024)
- WB:Global Economic Prospects(June 2024)
- Organized by the Department of Industrial Development of the Taiwan Institute of Economic Research.
Taiwan Economic Overview
Key Domestic Economic Indicators in 2024Q2: The real GDP grew by 5.06%. The value of export orders reached US$141.54 billion, marking a year-on-year increase of 6.94%. Total exports were valued at US$114.73 billion, reflecting a year-on-year increase of 9.94%. The industrial production index and the manufacturing industry production index increased to 93.20 and 92.75, respectively, indicating a year-on-year increase of 14.48% and 14.86%.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
GDP (%) |
2024Q2 |
5.06 |
— |
Export Orders (US$ billion) |
2024Q2 |
141.54 |
▲6.94% |
Custom Exports (US$ billion) |
2024Q2 |
114.73 |
▲9.94% |
Industrial Production Index in Taiwan |
2024Q2 |
93.20 |
▲14.48% |
Taipei Econ Overview
As of the end of June 2024, a total of 241,425 businesses were registered in Taipei City. This represents an increase of 4,105 businesses from the previous year, marking a year-on-year growth of 1.73%. The registered capital of enterprises in Taipei City reached 15.00 trillion, up by 3.81% over the same period last year. The number of registered factories in Taipei City stood at 914, showing an annual decrease of 4.59%.
The number of profit-seeking enterprises in Taipei City amounted to 250,170, with total income from these enterprises reaching 5.57 trillion, an annual increase of 7.67%. The tertiary sector reported sales of 4.50 trillion, achieving an annual growth of 7.66%. Approved foreign investments in Taipei City totaled US$15.39 billion, an annual decrease of 52.41%. The number of newly established foreign companies in Taipei City was 47, an annual decrease of 24.19%.
Taiwan Econ Overview
Indicator | Statistical interval | Data | YoY |
Industry & Business Registration (Number) |
June 2024 (bottom value) |
241.425 |
▲1.73% |
Total Capital of Companies Registered (NT$ trillion) |
June 2024 (bottom value) |
15.00 |
▲3.81% |
Factory Registration (Number) |
June 2024 (bottom value) |
914 |
▼4.59% |
The Number of the Profit-seeking Enterprise (Number) |
June 2024 (bottom value) |
250,170 |
▲1.52% |
The Amount of the Profit-seeking Enterprise Income (NT$ trillion) |
Apr.-Jun. 2024 (Cumulative Value) |
5.57 |
▲7.67% |
Sales of Tertiary Industry (NT$ trillion) |
Apr.-Jun. 2024 (Cumulative Value) |
4.50 |
▲7.66% |
Foreign Direct Investment (US$ hundred million) |
Apr.-Jun. 2024 (Cumulative Value) |
15.39 |
▼52.41% |
Number of Newly Established Foreign Companies (Number) |
Apr.-Jun. 2024 (Cumulative Value) |
47 |
▲24.19% |