The Chung-Hua Institution for Economic Research (CIER) on Thursday raised its forecast for Taiwan's gross domestic product (GDP) growth for 2016 to 1.03 percent, in response to better-than-expected economic performance.
The new projection represents a rise of 0.19 points from a previous forecast of 0.84 percent.
Based on government statistics released in August, Taiwan's GDP increased by an estimated 0.21 percent in the first half of this year, significantly better than the original projection of -0.12 percent, the CIER pointed out.
For the second half of this year, the Directorate General of Budget, Accounting and Statistics has predicted that the GDP will increase by 1.81 percent, up from a previous forecast of 1.77 percent, the economic think tank noted.
The CIER, meanwhile, predicted growth of 1.81 percent for 2017, when international trade is expected to recover moderately and give a boost to Taiwan's economy.
Source: Focus Taiwan News Channel