Taiwan cuts 2018 GDP growth forecast to 2.66%

The DGBAS is also turning less optimistic about 2019

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The government predicts economic growth of 2.66% for 2018.

The government predicts economic growth of 2.66% for 2018. (By Central News Agency)

TAIPEI (Taiwan News) - The government on Friday cut its forecast for this year’s economic growth to 2.66 percent from 2.69 percent.

According to the Cabinet-level Directorate General of Budget, Accounting and Statistics (DGBAS), next year, the gross domestic product will expand by 2.41 percent, instead of the 2.55 percent it predicted last August.

While during the first half of this year the outlook had looked exceedingly good, during the third quarter, domestic consumption performed less than expected, the Central News Agency reported.

As momentum slowed down, the basis for continued strong economic growth also looked weaker, forcing the DGBAS to revise its forecast for the second half of the year and for all of 2018.