The government on Friday estimated that Taiwan’s economy will grow by 1.22% this year. That’s slightly higher than the last prediction of 1.06% GDP growth.
The government statistics office also revised growth figures from earlier in the year. It said that growth from the first quarter of 2016 was negative 0.29%, rather than the negative 0.68% stated previously.
The office said preliminary figures put Taiwan’s GDP growth for the second quarter of the year at 0.70%. It predicted growth of 1.99% for the third quarter and 2.38% for the fourth quarter, giving an overall total for the year of 1.22% growth.
The office also predicted that the economy will grow by 1.88% in 2017.
Statistics office head Chu Tzer-ming said on Friday that while the economy has recovered, the recovery has not been strong enough. Chu said factors such as China's "red supply chain," the continued drop in demand for consumer electronics, volatility in the stock and bond markets and the foreign exchange, could all affect future economic development.