Taiwan's economy is expected to grow by 2.58% this year, according to government figures released Friday. That represents a major boost of almost half a percentage point from an earlier forecast. The economy has been buoyed by third-quarter exports that were far better than expected.
The government's statistics office said exports were up by nearly 17.5% in the third quarter of the year. This drove third-quarter growth to 3.11%, a record for the past ten quarters.
The office also set its prediction for next year's GDP growth at 2.29%, a fraction higher than earlier predicted.
The head of the office, Chu Tse-min, said external demand and domestic consumption would be the main factors determining next year's growth. Chu said employment and the stock market would play a role, as well as wage adjustment and pension reforms, in determining the public's willingness to spend.