TAIPEI, May 26 -- Taiwan's statistics agency on Friday raised its forecast for economic growth in 2017 to over 2 percent, as performance in the first quarter was better than expected.
Taiwan's first quarter growth was revised up to 2.6 percent year on year, slightly higher than the previous estimate in April, when the authority said the economy grew by 2.56 percent in the first quarter this year.
The higher GDP growth was lifted by better performance of the global economy, strong demand for its key semi-conductors and the rise of raw materials prices, the agency said.
Benefiting from the better economic performance, private consumption for the whole year is expected to grow 1.84 percent year on year, boosted by an improving labor market, tax reduction in transportation and other economic incentives.
Taiwan's per capita GDP is expected to be at 24,222 U.S. dollars, while the island's Consumer Price Index (CPI) is expected to grow by 0.95 percent year-on-year, the agency said.
