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Taiwan lowers forecast for 2013 GDP growth

Taiwan lowers forecast for 2013 GDP growth

Taipei, May 24 (CNA) Taiwan has lowered its forecast for economic growth in 2013 to below 3 percent after first quarter growth fell far below expectations. The Directorate General of Budget, Accounting and Statistics (DGBAS) on Friday predicted GDP growth of 2.4 percent this year, substantially lower than its previous growth projection of 3.59 percent made on Feb. 22. Taiwan grew at a 1.67 percent clip in the first quarter, the DGBAS said, well short of the 3.26 percent growth it predicted for the January-March period in February. Economics Minister Chang Chia-juch and Council for Economic Planning and Development head Kuan Chung-ming both said earlier this month that it would be hard for the economy to grow 3 percent or more this year because of the uncertain international economic situation. Kuan had said as recently as mid-February that Taiwan's economy would grow at least 4 percent and its unemployment rate would fall below 4 percent in 2013. The country's seasonally adjusted jobless rate in April was 4.19 percent. Also on Friday, the DGBAS adjusted its GDP growth rate for Taiwan in 2012 to 1.32 percent, up from a previous 1.26 percent. (By Lin Hui-chun and Lilian Wu)


Updated : 2021-03-06 22:44 GMT+08:00