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Taiwan's economy grows 3.04% in Q1

Taiwan's economy grew a slightly better-than-expected 3.04 per cent on-year in the three months to March, preliminary government data showed Wednesday, on rising exports and domestic spending.

TAIPEI: Taiwan's economy grew a slightly better-than-expected 3.04 per cent on-year in the three months to March, preliminary government data showed Wednesday, on rising exports and domestic spending.

Growth in the first quarter was up from the estimate of 3.02 per cent made in February, with exports up 3.99 per cent as rising demand for Taiwanese electronics, machinery and metals offset declines in other products, according to the Directorate General of Budget, Accounting and Statistics.

Domestic consumption also increased 2.94 per cent, boosted by higher retail and tourism spending during the Lunar New Year holidays as well as robust stock trading, the agency said.

Growth in Taiwan's export-reliant economy has been buoyed by a steady economic recovery in developed countries as well as improved domestic consumption.

The agency in February forecast an 2.82 per cent economic growth for 2014, putting Taiwan on course to enjoy its best growth since 2011 when the economy posted a rise of 4.19 per cent.

Full-year exports in 2014 were forecast to rise 3.33 per cent to $315.6 billion.

Taiwan's government is set to release its latest 2014 full-year forecast on May 23.

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