Think tank raises forecast for Taiwan's 2017 GDP growth to 2.11%

2017/04/19 23:08:10 fontsize-small fontsize-default fontsize-big
CNA file photo

CNA file photo

Taipei, April 19 (CNA) Chung-Hua Institution for Economic Research (CIER), one of Taiwan's leading economic think tanks, on Wednesday raised its projection for the country's economic growth this year by 0.38 percentage points to 2.11 percent.

Noting that Taiwan's GDP grew 2.76 percent year-on-year in the first quarter, CIER forecast slower growth of 2.17 percent in the second quarter, 1.83 percent in the third quarter and 1.75 percent in the fourth.

Turning to the indicators, CIER predicted that private consumption will increase by an annual 1.8 percent this year, while private fixed investment will rise 3 percent.

It forecast an increase of 3.22 percent in service exports, 2.75 percent in goods and service imports, and 1.35 percent in the consumer price index and projected an unemployment rate of 3.91 percent.

In a press release, CIER also forecast a 2.15 percent growth in Taiwan's GDP in 2018.

Its 2017 forecast was the second by a local think tank that projected economic growth of over 2 percent.

In late March, Yuanta-Polaris Research Institute revised upward its forecast for Taiwan's economic growth this year to 2.1 percent.

(By Tsai Yi-chu and Romulo Huang)

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