Growth was highly variable across sectors (Figure 3.13.3). Industry,
the largest sector, contributed about a quarter of GDP growth, despite
rising by a meager 0.9% owing to a slow 1% rise in manufact...
Mining and quarrying increased by a hefty 10.4% in 2012 but contributed
little to growth because of their small share in GDP. Construction
declined, and typhoons left agricultural output down by 5.8%. The service
sector grew by a modest 1.0%, as the information, communications,
tourism, and entertainment industries picked up and growth in wholesale
and retail trade and real estate moderated. Tourist arrivals from the PRC
increased dramatically in 2012, as visa requirements relaxed.
Average inflation rose to 1.9% from 1.4% in 2011, owing to acceleration
in food prices and the reduction of fuel subsidies that had been in place
for 16 months. Rising real estate prices decelerated to 5.7% from 9.9% in 2011, reflecting deteriorating economic conditions and central bank intervention to cool property speculation, which moderated private
Consistent with the government’s policy of narrowing the fiscal
deficit, growth in expenditures slowed to 1.5% despite substantial rises in
social welfare payments and development spending. Revenues increased
by 3.5% as tax receipts grew, bringing the fiscal deficit for the year down
to 1.6% of GDP.
The central bank kept the rediscount rate unchanged at 1.875%
(Figure 3.13.4), in the face of the continued downside risks arising from
the global economic situation and moderating inflation. The money
supply (M2) grew by 3.5% in 2012, more slowly than in 2011, reflecting
smaller increases in net foreign assets and in bank credit as lending
to the private sector grew more slowly and net claims on government
Source: Directorate-General of Budget, Accounting and Statistics (DGBAS). http://eng.stat.gov.tw (accessed 12 March 2013)
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