May 24, 2019 / 8:07 AM / 2 months ago

Taiwan cuts 2019 GDP outlook again on weak exports

TAIPEI, May 24 (Reuters) - Taiwan cut its 2019 economic growth forecast to 2.19% from 2.27% previously, the statistics agency said on Friday, as weakening global tech demand hurt the island’s export-reliant economy.

Taiwan’s first quarter annual GDP growth was also revised slightly lower to 1.71% from a preliminary 1.72%, the Directorate General of Budget, Accounting and Statistics said in a statement.

In February, the government had trimmed its full-year GDP forecast from 2.41 percent made in November.

The government forecast that exports would decline 1.17% in 2019, compared with a 5.9% expansion in 2018.

It also nudged down its inflation estimate for 2019 to 0.71% from 0.73% previously. (Reporting by Yimou Lee and Taipei newsroom; Editing by Jacqueline Wong)

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