Taiwan’s economy is projected to grow more than initially estimated this year as export-related manufacturing activities are less affected by the pandemic, the Directorate-General of Budget, Accounting and Statistics said on Friday.

In the whole year of 2021, the economy is forecast to grow 5.46 percent, revised up by 0.82 percentage point from the previous forecast.

With government’s promoting control measures to tackle the rising new COVID-19 cases, the pandemic is assumed to be contained in the third quarter of 2021.

Real exports of goods and services are forecast to grow by 15.44 percent this year. Private consumption is expected to grow 2.75 percent in 2021, supported by the stable labor market. Growth in real private fixed capital formation was seen at 9.10 percent.

Gross domestic product grew 8.92 percent year-on-year in the first quarter, up from the previous estimate of 8.16 percent and the 5.15 percent expansion seen in the fourth quarter of 2020.

On a quarter-on-quarter seasonally-adjusted annualized basis, GDP expanded 12.76 percent in the first quarter compared to 12.93 percent estimated previously.

Citing rising crude oil and raw material prices, inflation outlook was revised by 0.39 percentage points to 1.72 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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