Taiwan's economy is set to expand at the fastest pace in three years in 2017 on improving global outlook, projections from the Directorate General of Budget, Accounting & Statistics (DGBAS) showed Friday.
The agency raised the growth forecast for this year to 2.05 percent from 1.92 percent estimated in February. This would be the fastest rate since 2014, when GDP grew 4.02 percent.
Meanwhile, the inflation forecast for this year was lowered to 0.95 percent from 1.40 percent posted in 2016.
The statistical agency slightly lowered the economic growth rate for the whole year of 2016 to 1.48 percent from 1.50 percent.
Real exports of goods and services was projected to grow by 3.95 percent this year. Supported by the continuing investment of semi-conductor manufacturing, private fixed capital formation will rise 1.95 percent, the agency said.
Private consumption was expected to grow by 1.84 percent, supported by the accelerated economic growth, and improving stock market and labor market.
Real gross domestic product grew 2.6 percent year-on-year in the first three months of the year, which was the fourth straight quarter of expansion.
The annual rate was slightly revised from the advance estimate of 2.56 percent published on April 28. Nonetheless, it was slower than the revised 2.79 percent growth seen in the fourth quarter.
On a sequential basis, the real growth came in at 3.82 percent instead of 2.93 percent in the first quarter.
Gross capital formation expanded by 7.68 annually, following the 6.73 percent growth in the previous quarter, mainly due to an increase in machinery and equipment investment.
Meanwhile, real exports of goods and services climbed 7.36 percent, which was mainly driven by the foreign demand for parts of electronic products. Imports increased 7.67 percent.
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