Financial News: Taiwan Lowers 2024 Growth Outlook

Taiwan Lowers 2024 Growth Outlook

08/16/2024 - 07:03:00 (RTTNews)

(RTTNews) - Taiwan's economy is projected to post a slightly slower than previously estimated growth this year, according to the revised estimate from the Directorate General of Budget, Accounting and Statistics.

Gross domestic product is projected to expand 3.90 percent this year, the DGBAS said. This was down from 3.94 percent estimated in May. In 2025, the real economy is estimated to expand 3.26 percent.

The government said the faster expansion of AI applications, coupled with competitive local manufacturing supply chains will support the steady growth of exports and investment.

In the second quarter, the real GDP expanded 1.16 percent quarter-on-quarter, down by 0.03 percentage points from the prior estimate.

On a year-on-year basis, GDP advanced 5.06 percent, which was slightly weaker than the advance estimate of 5.09 percent.

Regarding consumer prices, the government said inflation will ease to 1.91 percent next year after exceeding 2 percent for three consecutive years.

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