Taiwan's GDP growth forecast cut to 3.91% for 2022

05/27/2022 05:09 PM
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People shop for groceries at a street market in Taipei Friday. CNA photo May 27, 2022
People shop for groceries at a street market in Taipei Friday. CNA photo May 27, 2022

Taipei, May 27 (CNA) The Directorate General of Budget, Accounting and Statistics (DGBAS) has lowered its forecast for Taiwan's 2022 gross domestic product (GDP) to 3.91 percent, falling below the 4 percent floor the government had previously anticipated.

(Click here for the updated story)

The downward revision was the result of geopolitical tensions from Russia's invasion of Ukraine, which has driven up inflation, and a spike in domestically transmitted COVID-19 cases in Taiwan, affecting private consumption, the DGBAS said Friday.

The latest GDP growth forecast represented a decline of 0.51 percentage points from a 4.42 percent increase estimate the DGBAS made in February.

The DGBAS also raised its forecast of Taiwan's consumer price index (CPI) by 0.74 percentage points from the February estimate to 2.67 percent, topping the 2 percent alert set by the country's central bank.

(By Pan Tzu-yu and Frances Huang)

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The figures do not include imported cases reclassified as domestic ones, nor retroactively removed cases. As of May 27, Taiwan recorded 1,707,640 domestic cases in 2022, while the total number of imported cases rose to 12,770 from 2,396 on Jan. 1.
The figures do not include imported cases reclassified as domestic ones, nor retroactively removed cases. As of May 27, Taiwan recorded 1,707,640 domestic cases in 2022, while the total number of imported cases rose to 12,770 from 2,396 on Jan. 1.
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