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Taiwan nudges up 2017 economic growth forecast to 2.15 pct
October 23, 2017 / 9:38 AM / a month ago

Taiwan nudges up 2017 economic growth forecast to 2.15 pct

Taipei, Oct 23 (Reuters) - Taiwan’s central bank edged up its economic growth forecast for 2017 to 2.15 percent from 2.11 percent, thanks to buoyant export orders which are underpinned by a global economic upswing and strong demand for electronics.

The central bank also said it expects the trade-reliant island to post economic growth of 2.2 percent for 2018, slightly slower than the 2.27 percent previously forecast.

In August, Taiwan marginally raised its 2017 economic growth projection to 2.11 percent from the 2.05 percent seen in May and 1.92 percent predicted in February.

Taiwan is one of Asia’s major exporters, especially of technology goods, and its export trend is an important gauge of global demand for technology gadgets worldwide.

On Friday, Taiwan said its export order value hit its highest on record in September, with manufacturers pinning their hopes on Apple Inc’s new smartphones to sustain momentum into the year-end shopping season.

Analysts expect further economic momentum into 2018 as the island’s factories continue to see strong orders. (Reporting by Jeanny Kao; Writing by Anne Marie Roantree; Editing by Richard Borsuk)

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