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Taiwan to grow 3.28% in 2015: Cabinet

Taiwan to grow 3.28% in 2015: Cabinet

Taipei, May 22 (CNA) Taiwan's statistics chief on Friday forecast that the country's economy will grow 3.28 percent in 2015, down 0.5 percentage points from a previous forecast in February. The main reason for the downward revision was an anticipated drop in both exports and imports, said Shih Su-mei (???), head of the Directorate-General of Budget, Accounting and Statistics (DGBAS). Taiwan's exports in 2015 will total an estimated US$305.5 billion, which would be 2.62 percent lower than the previous year and represent the first annual decline in exports since 2012. Imports will total an estimated US$250.1 billion, down 8.75 from 2014, Shih said. The projected declines in total trade and the country's growth rate reflected the tepid global economic recovery, competition from China and moderating demand from international brands, Shih said. Taiwan's economic growth (GDP) in 2014 was 3.77 percent, compared with 3.3 percent in South Korea, 7.4 percent in China, 2.4 percent in the U.S. and -0.1 percent in Japan, according to the DGBAS data. Taiwan's GDP growth in the first quarter of 2015 was 3.37 percent, slightly lower than the 3.46 percent estimated last month. South Korea's GDP rose 2.4 percent in the first quarter, compared with 7.0 percent in China, 3.0 percent in the U.S. and -1.4 percent in Japan, the DGBAS said. The statistics agency also forecast that Taiwan's consumer price index will rise 0.13 percent and GDP per capita will be US$23,374 in 2015. Wu Pei-hsuan (???), the chief economic forecaster at the DGBAS, said many Taiwanese firms were boosted by the sale of Apple's iPhones since the third quarter of 2014, but the rising market share of Apple rival Samsung in the first quarter of 2015 has hurt the supply chains of local firms. China's active development of its "red supply chain" is also creating more serious competition for Taiwanese businesses, she said. Another factor hurting exports, Wu said, was a decline in the value of petrochemical product exports because of the plunge in international crude oil prices. (By Chen Cheng-wei and Kuo Chung-han)


Updated : 2021-09-22 22:36 GMT+08:00