Taiwan lowers 2013 economic growth forecast

(MENAFN- The Peninsula) Taiwan revised its expectations for full year economic growth downwards yesterday, citing a weaker global economic outlook and slowing exports and consumer spending in the second half. The Directorate General of Budget, Accounting and Statistics forecast annual expansion at 2.31 percent, down from the 2.4 percent outlined in May and 3.59 percent in February. "The growth of external demand is subject to the deceleration of emerging markets in the second half of 2013. Combining with domestic demand, Taiwan's GDP is forecasted to grow 2.31 percent in 2013," the agency said in a statement. Exports, roughly accounting for about two-thirds of the island's GDP, were expected to grow 2.3 percent in 2013, down from a previously estimated expansion of 2.82 percent while consumer spending growth was forecast to grow just 1.59 percent for the full year, it said. In the second half of 2013, GDP was expected to grow 2.54 percent, down from a previous forecast of 2.92 percent, while export growth was expected to slow to 2.2 percent, it added.