Source: CENS, November 23, 2007
Taipei, Nov. 23, 2007 (CENS)-Bolstered by
better-than-expectation export performance, Taiwan`s economy scored an
extraordinary 6.92% growth in the third quarter, the highest since the third
quarter of 2004, prompting the Directorate General of Budget, Accounting, and
Statistics (DGBAS) to revise upward its economic growth forecast for 2007 to
5.46%, up 0.88 percentage points from the previous forecast of 4.58% made in
Meanwhile, the DGBAS also predicted yesterday (Nov. 22) that
the island`s economy will grow 4.53% next year, which, though, is subject to
the variables of subprime mortgage storm, depreciation of the greenback, and
prices of crude oil and bulk, commodities.
Taiwan`s economic growth in the third quarter ranked second
place in the four Asia little dragons, higher than Hong Kong with 6.2% and
South Korea with 5.2%, but lower than Singapore with 8.9%.
DGBAS attributed the performance, which surprised many
observers, to booming export business, which shot up 9.7%, leading to 11.3%
growth in manufacturing output, with the latter contributing 3.1 percentage
points to the economic growth.
Meanwhile, along with subsiding twin-card debt storm,
aggregate banking net income rose 2.8% in the third quarter, reversing previous
red inks, and banking revenue advanced 6.1%, compared with 1-2% growth in
recent years, while securities-business revenue soared 98.9% in the quarter,
leading to 12.5% growth for the financial and insurance industry.
Third-quarter private consumption advanced at the moderate
pace of 3.5%, and private investments jumped 6.5%, at the heels of 8.6% growth
in the second quarter, thanks to mega investment projects in the fields of
steel, basic metals, and 12-inch wafer fab. The DGBAS predicted private
investments will grow 5.07% for the entire year, with the value breaking the
NT$2 trillion mark, reaching NT$2.066 trillion.