BUSINESS Taiwan lowers 2020 GDP growth forecast


Taiwan lowers 2020 GDP growth forecast


12:56, May 31, 2020


Photo taken on June 20, 2019 shows the night view of Taipei, southeast China's Taiwan. (Photo: Xinhua)

TAIPEI, May 30 (Xinhua) -- Taiwan has lowered its forecast for gross domestic product (GDP) growth in 2020 to 1.67 percent from 2.37 percent made in February, due to the impact of the novel coronavirus (COVID-19) pandemic.

The island's GDP growth in the first quarter stood at 1.59 percent, the lowest quarterly rate since 2018, the island's statistics agency said in a press release earlier this week.

The agency also cut its 2020 growth forecast for Taiwan's merchandise and services exports by 4.83 percentage points to -3.1 percent.

The growth forecast for private consumption was downgraded by 1.82 percentage points to -0.24 percent, the lowest in Taiwan since 2009, but the forecast for fixed capital formation was raised by 0.23 percentage points to 4.33 percent.

The consumer price index (CPI) for 2020 was expected to decrease by 0.32 percent.

The agency attributed the downgrading forecast to the impact of the COVID-19 pandemic, which undermined the exports to international markets and contained local consumption.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue