By: Chen Cheng-wei and Frances Huang, Central News Agency
Taiwan’s gross domestic product (GDP) rose 2.06 percent in the third quarter year-on-year, beating an earlier forecast of 1.99 percent made in August, according to an advance estimate from the Directorate General of Budget, Accounting and Statistics (DGBAS) released on Friday.
The DGBAS said that the higher than expected GDP growth for the July-September period largely reflected stronger private consumption as well as capital formation, though export growth was lower than previously forecast due to the reduced number of business days caused by a series of typhoons.
In the wake of the better than expected GDP figure in the third quarter, Taiwan’s economy is expected to grow a minimum of 1 percent in 2016, the directorate said.
Third quarter GDP growth was the highest recorded quarterly growth since the first quarter of 2015, when the figure stood at 4.04 percent. [FULL STORY]