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Taiwan economy registers 3.51 percent growth for 2014 (update)

Taiwan economy registers 3.51 percent growth for 2014 (update)

Taipei, Jan. 30 (CNA) Taiwan's economy grew 3.51 percent last year, slightly above the government's earlier forecast of 3.43 percent, according to an advance estimate released by the Directorate General of Budget, Accounting and Statistics (DGBAS, ????) Friday. In the fourth quarter of 2014, Taiwan registered a real gross domestic product (GDP) growth of 3.17 percent, beating the DGBAS estimate in November of 2.83 percent, the office said. The DGBAS said that despite a series of food safety scares in Taiwan in the fourth quarter, the domestic economy remained stable and continued to grow, beating its forecast. In the October-December period, Taiwan's exports in electronics, machinery and base metal increased, while outbound sales in gasoline/diesel and plastics/rubber products offset total exports, the data showed. The DGBAS said that after inflationary adjustment, real exports in merchandise and services in the fourth quarter showed year-on-year growth of 5.57 percent, while merchandise and services imports grew 4.59 percent from the previous year. Retail sales in the fourth quarter were boosted by a 4.31 percent year-on-year sales growth in the auto industry, an increase in visitor arrivals and the launch of new smartphone models, the DGBAS said. It said, however, that the food safety scandals in the last quarter of 2014 did hurt consumer sentiment to some extent. A positive factor was the local government elections in late November, which boosted spending during the campaign period, the DGBAS said. As a result, retail revenue in Taiwan grew 3.08 percent year-on-year in the fourth quarter, and private consumption increased 2.33 percent, the agency said. It said fixed capital formation also increased, rising 2.19 percent from a year earlier. Capital equipment imports, however, showed a 1.74 percent drop as a result of a higher comparison base in the same period of 2013, it said. In the first three quarters of 2014, Taiwan's DGP grew 3.41 percent, 3.87 percent and 3.63 percent, respectively, the data showed. In February, the DGBAS is scheduled to issue a preliminary report on the country's GDP growth for the whole of 2014 and an updated forecast for 2015. In its most recent prediction last November, it forecast a 3.50 percent growth this year. (By Chen Cheng-wei and Frances Huang)


Updated : 2021-09-19 09:59 GMT+08:00