Taiwan raises economic growth estimate for final quarter of 2019

Taiwanese investors coming home from China contributed to rising growth

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Taiwan's economy was doing better than expected at the end of 2019.

Taiwan's economy was doing better than expected at the end of 2019. (CNA photo)

TAIPEI (Taiwan News) – Taiwan’s economy likely grew by 3.38 percent during the final quarter of 2019 instead of by the earlier estimate of 3.04 percent, the government said Tuesday (Jan. 21).

The main reason for the better-than-expected performance was the continued return of Taiwanese investors from China to launch new projects on the island, said the Directorate General of Budget, Accounting and Statistics (DGBAS).

The earlier projection for all of 2019 stood at 2.64 percent, but that was when the fourth quarter was still forecast as 3.04 percent, CNA reported.

Looking ahead at the new year, the DGBAS released an estimate of 2.72 percent, better than the past year, and higher than the expected global average growth figure of 2.5 percent.

Nevertheless, last November, the government body still cautioned that several factors could influence developments in a negative way, such as the performance of international stock markets, currencies, and trade disputes including the one between Japan and South Korea.