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Taiwan's economy grows 2.03 pct in Q3: revised data

Xinhua, November 26, 2016 Adjust font size:

Taiwan's gross domestic product (GDP) increased 2.03 percent in the third quarter, slightly lower than the preliminary estimate of 2.06 percent, the island's statistics authority has said.

Domestic demand remains the biggest driver of the island's economic growth, the statistics department said on Friday.

Exports of merchandise posted the first expansion since first quarter last year, although growing at a meager 0.11 percent year on year, as global demand for Taiwan-made electronics and machinery rebounded.

The statistics department forecasted the economy to grow at an annual rate of 1.35 percent in 2016, 0.13 percentage points higher than its last calculation, as exports will fare better than expected.

It estimated the GDP to grow 1.87 percent in 2017, almost on par with its last forecast.

Taiwan's economy plunged into three consecutive contractions before growing 1.13 percent in the second quarter this year.

Analysts expected the export-driven economy will perform better in the latter half of this year as exports will recover following the launch of new mobile gadgets which boost demand for Taiwan-made electronic components.

Despite the progress, Taiwan needs to grapple with headwinds facing the economy including uncertainty brought by U.S. President-elect Donald Trump's trade policy and sharp decline in Chinese mainland visits to the island. Endi