Economic growth of 1% for 2016 within reach: NDC

There is a good chance that Taiwan's gross domestic product will grow more than 1 percent this year as the economy has bottomed out, National Development Council (NDC) Minister Chen Tain-jy said Thursday.

Taiwan's GDP growth stood at just 0.75 percent last year mainly due to sluggish exports amid a global economic slowdown.

Chen said the good news is that Taiwan's exports posted a 1.2 percent year-on-year growth in July, ending a 17-month slump.

He expressed optimism about the prospects of the export sector in the second half of the year, saying that some industries affected by global access capacity, such as flat panel and steel, are gradually returning to normal.

At the same time, imports are also picking up, especially in the machinery and equipment sectors, he said, noting that rapid import growth is a sign that the economy is turning around.

Due to China's economic downturn, however, a global economic recovery will not be easy to achieve, he said.