2Q26提前GDP：保持卓越增长势头

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Update

July 31, 2026 03:26 PM GMT

Taiwan – Economics | Asia Pacific

Morgan Stanley Asia Limited

Kathleen Oh

Chief Korea/Taiwan Economist

2Q26 Advance GDP:

Maintaining Exceptional Growth

Momentum

The GDP release showed continued strong momentum for

Taiwan. AI-driven tech demand is supporting accelerated

investment and trickling down into consumption. The

broadening in composition of demand from exports to domestic

activity suggests that Taiwan's economy remains robust heading

into 2H26.

Morgan Stanley India Company Private Limited

Shreya Singh

Economist

12.92%Y and 9.91%Q (saar) in 2Q26. Though headline annual growth eased

marginally from 14.55% in 1Q26, the economy continues to outperform historical

Exhibit 1 : Taiwan's economy maintained

exceptional momentum in 2Q26, growing

12.92%Y

Taiwan: Quarterly real GDP growth trend

7

Taiwan's economy continues to outperform historical trends: GDP expanded

GDP growth, %Q seasonally adjusted

GDP growth excluding net exports, %Y

GDP growth, %Y

16

6

14

5

12

4

10

8

3

6

2

4

trends, supported by resilient AI-driven exports, robust capex, and unabating

1

0

consumption momentum. The sequential momentum accelerated from 6.94%,

-1

-2

indicating that economic activity expanded at a solid pace after seasonal adjustment.

-3

This brought 1H26 growth to 13.73%, a notable jump from 8.1% in 2025.

2

-2

-4

-6

2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 2Q26

Source: National Statistics, Morgan Stanley Research

From export-driven to investments: The composition of growth drivers suggests

that the resilient momentum remains largely an export-led expansion. Real exports

grew 21.64%Y in 2026, following 35.76% in 1Q, reflecting strong global demand for

AI infrastructure and related tech parts, which continues to underpin chip exports.

However, growth in capex also jumped notably – to 15.14% from 5.92% in 1Q, driven

by investments in machinery, equipment, and construction activities, indicating

confidence in sustaining production capacity.

Consumption accelerated further: For the second straight quarter, private

…