DGBAS Revises Upward Taiwan`s Economic Growth to 5.03% This Year

Following spectacular economic growth last year, Taiwan`s economy will continue to expand at a robust pace this year, as the Directorate General of Budget, Accounting, and Statistics (DGBAS) revised upward the nation`s economic growth forecast this year to 5.03% yesterday (Jan. 31), compared with the government`s target of 4.82%.

The figure is 0.52 of a percentage point higher than the DGBAS`s previous forecast of 4.51%, made last November. The growth rate will boost the gross domestic product this year to NT$14.8739 trillion and per capita GDP to over the US$20,000 mark, reaching US$20,596. Per capita GNP, which includes external factors, will hit US$21,229.

The forecast echoes the high growth forecast of 5% for Taiwan`s economy this year made by World Bank on Jan. 12, as well as rosy outlook for the global economy. In January, Global Insight revised upward the growth forecast for the global economy this year to 3.7%, up from the previous forecast of 3.3% made last November, as well as the forecast for the U.S. economy to 3.2%, up from 2.3% previously. The rosy economic outlook is conducive to Taiwan`s export performance, which is expected to grow 11.1% to US$305.1 billion this year, higher than the forecast growth of 9.21% in November. The DGBAS, however, assumes that the exchange rate of the NT dollar will stand at US$1=NT$29.47 this year and as a result, the NT dollar-denominated export growth will reach only 3.43% this year.

(by Philip Liu)



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