Alexa
  • Directory of Taiwan

ANZ maintains Taiwan's economic growth forecast at 3.6%

ANZ maintains Taiwan's economic growth forecast at 3.6%

Taipei, May 22 (CNA) Australia and New Zealand Banking Group Ltd. (ANZ) has maintained its forecast that Taiwan's economic growth will reach 3.6 percent in 2013 despite the country's lackluster first quarter and successive declines in export orders. In its latest research note, ANZ said that while Taiwan's export orders fell in April for the third consecutive month, the decline was smaller than in the previous two months, which the bank said could be seen as a sign of improvement. Taiwan's export orders declined 1.1 percent in April on an annual basis, following a 6.6 percent contraction in March and a 14.5 percent fall in February from previous year levels, government statistics showed. Momentum will pick up a little in the second quarter and accelerate the rest of the year in conjunction with predicted pick-ups in China and the United States, ANZ forecast. Export orders from China and Hong Kong improved in April, rising 6.2 percent year-on-year, after falling 1.9 percent in March, government statistics showed. Orders from the U.S. took a similar bounce, gaining 4.9 percent in April from a year earlier after falling 7.8 percent in March. Taiwan's statistics bureau estimated on April 30 that the country's economy grew 1.54 percent in the first quarter, well below the 3.26 percent growth rate it had previously forecast. The low growth and declining export orders have raised questions over whether Taiwan's growth can exceed 3 percent this year. The government's most recent growth forecast on Feb. 22 pegged 2013 growth at 3.59 percent. (By James Lee)


Updated : 2021-05-12 20:41 GMT+08:00