Taiwan amends down 2023 GDP development figure on trade droop

TAIPEI: The statistics office stated on Wednesday that the economy of Taiwan is likely to expand at a slower rate this year than had been anticipated. Additionally, the outlook for the island’s exports has been lowered as a result of global inflation, rate increases, and the impact of the war in Ukraine.

The Directorate General of Budget, Accounting, and Statistics said that GDP for 2023 will now be 2.12% higher than it was last year. This is a decrease from the 2.75 percent it had predicted in November. That would represent a decrease from the 2.45% recorded in 2022, which was significantly slower than the 6.53% expansion that occurred in 2021.

The bureau of statistics now anticipates a 5.84 percent decrease in 2023 exports, as opposed to the earlier forecast of a 0.22 percent contraction. Additionally, the office increased the inflation outlook for 2023. This year’s consumer price index is expected to rise by 2.16 percent, compared to the 1.86 percent increase that had been anticipated.

The agency reported that GDP contracted by 0.41 percent in the fourth quarter, revising up from a preliminary reading of 0.86 percent.