Taiwan News  
Date: 2018/08/03
By:  Central News Agency

Taipei 101 (Photo/Taipei City Government)

U.S-based ratings agency Standard & Poor’s has raised its forecast for gross domestic product (GDP) growth in Taiwan for 2018 to 2.8 percent, citing the nation’s strong export performance.

The latest GDP growth forecast released by S&P on Friday represented an upward revision from its earlier forecast of 2.4 percent made in January. The ratings agency has also predicted Taiwan’s economy will grow 2.5 percent in 2019.

S&P joined a growing list of economic research groups to have raised their forecast for Taiwan’s 2018 economic growth.

The upgrade came after the Directorate General of Budget, Accounting and Statistics (DGBAS) reported on Tuesday that Taiwan’s GDP for the second quarter of this year grew 3.29 percent from a year earlier, beating the DGBAS estimate of 3.08 percent in May, citing solid outbound sales and private consumption.    [FULL  STORY]