Taiwan’s economic growth improved in the second quarter, preliminary estimate from the Directorate General of Budget, Accounting & Statistics showed Friday.
Gross domestic product grew 3.3 percent year-on-year in the second quarter, following a revised 3.1 percent rise in the first quarter.
Real GDP rose 1.62 percent on a quarter-on-quarter, seasonally adjusted annualized basis.
On the demand side, real private final consumption grew 2.55 percent on year in the second quarter, driven mainly by sales growth of jewelry and boutique watches, rising spending on home appliances in response to the high temperature, and on FIFA World Cup featuring merchandise, as well as finance-service.
Meanwhile, real gross capital formation decreased 2.57 percent, extending the 0.40 percent decline in the previous quarter, mainly due to decreasing machinery and equipment investment.
At the same time, real exports of goods and services grew 6.29 percent, owing to the foreign strong demand for electronic components, machinery, metal, chemistry and plastic products. Imports increased 4.48 percent.
The government forecast the economy to expand 2.69 percent in 2018 and 2.55 percent in 2019. The outlook for 2018 was revised up by 0.09 percentage points.
According to government estimate, consumer prices will increase 1.52 percent this year, upwardly revised by 0.03 percentage point, mainly reflecting the escalating oil prices.