Taiwan's economy expanded at the fastest pace in two years in the final quarter amid strong growth in private consumption, a preliminary estimate by the Directorate General of Budget, Accounting, and Statistics revealed on Wednesday.
Despite continued recovery in tourism, Taiwan downgraded its growth projection for this year citing weak global demand and investment. The Directorate General of Budget, Accounting and Statistics forecast real gross domestic product to grow 1.
Taipei has rolled out a series of economic stimulus, with the latest a lucky draw to give away spending vouchers and stored-value cards to inbound tourists after its economy fell into recession in the first quarter.
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Demand for Taiwan’s key merchandise exports such as PCs and smartphones is expected to be subdued this year, with inflation in Europe and the United States denting consumer sentiment.