Taiwan Economy Grows 6.06%

Local manufacturing grew in the first quarter

The 6.06% gross domestic product growth in Taiwan for the first quarter reflected strong exports which led to growth of local manufacturing and related service sectors, the government said on May 29.

The government had estimated that GDP, the total market value of all final goods and services generated by the economy, would grow 5.13% in the March quarter. In the fourth quarter, GDP grew 6.5%, revised from 6.39%, according to the Directorate General of Budget, Accounting and Statistics.

For the full year 2008, the cabinet-level agency said it now forecasts growth of 4.78%, up from the February projection of 4.32%.

Acknowledging a heightened threat of inflation, the agency said it now expects the consumer price index to grow 3.29% in 2008, compared with its February estimate of 1.98%.

Copyright Agence France-Presse, 2008

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