Taiwan's economic growth outlook for 2012 was revised down to 3.03 percent from the previously estimated 3.38 percent, the Director-General of Budget Accounting and Statistics (DGBAS) said Friday.
The revision reflected increasing risks to the economy's growth prospects, stemming from the Eurozone debt crisis and a possible hard landing of the Chinese economy. Exports are expected to improve only moderately this year, alongside a weak expansion in domestic demand.
In the first quarter, the gross domestic product grew 0.39 percent year-on-year compared to the 0.36 percent growth reported last month. The real GDP growth rate for the fourth quarter of 2011 was revised to 1.85 percent from previous estimate of 1.89 percent.
During the first three months of 2012, Taiwan's exports contracted 3.29 percent annually. Incorporating the sharp deterioration in imports, net exports contributed 1.59 percentage points to the change in real GDP. Domestic demand shrank 1.42 percent.
The seasonally adjusted annualized rate of growth in real GDP was 2.82 percent during the three-month period.
The real GDP growth rate for 2011 was revised marginally to 4.03 percent from the previously reported 4.04 percent.
by RTT Staff Writer
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