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August 20, 2016

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Taiwan to grow 1.22% in 2016

TAIWAN’S statistics department yesterday revised upward its forecast for the island’s economic growth to 1.22 percent in 2016, following better-than-expected expansion in the second quarter of the year.

The reading was 0.16 percent above the estimate made by the department in May.

The island’s economy has added by 0.23 percent on a quarterly seasonally-adjusted basis in the second quarter, latest figures showed. On an annual basis, the economy grew 0.7 percent over the same the period last year.

Economic performance in the quarter not only beat the 0.48 percent growth forecast for the period in May, but also indicated Taiwan’s economic growth had returned to positive territory after contracting for three consecutive quarters.

The economy was mainly shored up by better-than-expected exports of local commodities and services, the department said, adding that expansion in domestic retail sales and the catering sector had also contributed to the growth.

Meanwhile, the department estimated the island’s economy will grow 1.88 percent in 2017, citing improvements in the world economy that should help sustain growth on the island.


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