Taipei, Oct. 31 (CNA) Taiwan's gross domestic product (GDP) grew 2.28 percent in the third quarter from a year earlier, falling shy of the government's forecast of 2.36 percent growth, according to data released by the Directorate General of Budget, Accounting and Statistics (DGBAS) Wednesday.
The DGBAS said the third-quarter GDP growth missed the forecast mainly because of weaker-than-expected private consumption.
After seasonal adjustments, the quarterly growth in Q3 was 1.92 percent, the DGBAS said.
Private consumption in Taiwan in the July-September period fell short of the forecast 2.31 percent increase, registering only 1.90 percent growth, the DGBAS said, citing lower demand for cars and motorcycles and reduced turnover on the local stock market.
Nonetheless, the private consumption growth contributed 0.99 percentage points to the Q3 GDP increase, but government consumption fell 1.39 percent from a year earlier, dragging down the GDP growth by 0.19 percentage points, the DGBAS said.
Taiwan's export-oriented economy continued to gain support amid solid global demand for new technology applications in the third quarter, the DGBAS said.
In the three-month period, merchandise and services exports grew 1.42 percent from a year earlier, beating the forecast of a 1.15 percent increase, according to the DGBAS.
Imports of merchandise and services rose 5.23 percent from a year earlier in the third quarter on the back of higher raw material prices as well as stronger demand for semiconductor production equipment, it said.
The DGBAS said capital formation, which comprises government and private sector investments, rose 17.46 percent in Q3 from a year earlier, beating the forecast 14.94 percent increase.
Taiwan's GDP growth in the first three quarters of the year was 3.10 percent, 3.30 percent, and 2.28 percent, respectively, according to the DGBAS.
In the first nine months of the year, Taiwan registered 2.88 percent economic growth year-on-year, the DGBAS said.
In August, the agency raised its 2018 GDP growth projection from 2.60 percent to 2.69 percent, citing a better than expected first half, and is scheduled to issue a revised forecast on Nov. 30.
Source: Focus Taiwan News Channel