Taiwan Raises 2014 Growth Forecast

(RTTNews) - Taiwan revised up its first quarter growth on Friday and expects the economy to grow at the fastest pace in three years.

Gross domestic product grew 3.14 percent annually in the first quarter, following a downwardly revised 2.88 percent expansion in the previous three months, the Directorate-General of Budget, Accounting and Statistics said.

The first quarter growth was initially reported as 3.04 percent. The economy received boost from a stable global economy, brisk tourism and steady growth in private consumption, the agency said.

Growth for 2013 as whole was revised down to 2.09 percent from 2.11 percent.

Citing improved domestic demand, the agency raised the growth forecast for this year to 2.98 percent from 2.82 percent. The projection is the fastest since 2011, when the economy expanded 4.19 percent.