TAIPEI: Taiwan’s economy continued to expand in the first quarter, the latest preliminary estimate from the Directorate General of Budget, Accounting & Statistics (DGBAS) showed Friday.
Real gross domestic product grew 2.6 percent year-on-year in the first quarter, which was the fourth straight quarter of expansion.
The annual growth was revised slightly 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 was 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.
For 2017, the agency forecast 2.05 percent economic growth. And CPI for 2017 is expected to increase 0.95 percent. The statistical agency slightly lowered the economic growth rates for the whole year of 2016 to 1.48 percent from 1.50 percent.
Real exports of goods and services is projected to grow by 3.95 percent this year. Supported by the continuing investment of semi-conductor manufacturing, private fixed capital formation is seen rising 1.95 percent.
Real private consumption is expected to grow by 1.84 percent, supported by the accelerated economic growth, and improving stock market and labor market.
