Taiwan's GDP to expand by 3.02% over 2013: ANZ

Taiwan's gross domestic product (GDP) grew by an estimated 3.7 percent year-on-year in the fourth quarter of 2012, which brought full-year growth to 1.32 percent, said Raymond Yeung, a senior economist at ANZ Research, in a research note.

“With major export markets continuing to solidify, we believe Taiwan will grow by 3 percent in 2013,” Yeung wrote.

Taiwan's economy grew by 0.59 percent in the first quarter of last year, posted negative growth of 0.12 percent in the second quarter and rebounded to 0.98 percent growth in the third quarter.

Yeung also forecast more vibrant growth for the other export-oriented economies in the “Greater China” region in 2013.

He projected China's GDP growth for this year at 8 percent, up from an estimated 7.8 percent in 2012, and saw Hong Kong's economy growing by 3.9 percent in 2013, up from an estimated 1.5 percent last year.

Inflation in Taiwan, China and Hong Kong will be 1.16 percent, 2 percent and 2.5 percent, respectively, according to the report.

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