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Academia Sinica trims GDP growth forecast to 1.8 percent

TAIPEI -- Academia Sinica, Taiwan's top research institute, has again lowered its forecast for the country's economic growth for the year in light of continued weak exports and sluggish private consumption.

The institute predicted that Taiwan's gross domestic product will expand only 1.8 percent in 2013 — 0.55 percentage points lower than the previous projection of 2.35 percent.

Real GDP growth in the first three quarters of this year came out to a far worse-than-expected 1.93 percent, Academic Sinica said.

For 2014, the institute predicts GDP growth will likely reach 2.89 percent alongside a moderate acceleration in global economic growth.

Academia Sinica cautioned though that the reduction in the U.S. quantitative easing scheme is expected to affect growth rates in emerging economies, including Taiwan's.

In addition, China's efforts to adjust its economic structure will slow down its economic growth, creating unfavorable influence in trade between Taiwan and China, the institute added.

The value of export orders placed by foreign companies with Taiwanese businesses in November totaled US$41.05 billion, up 0.8 percent year-on-year, the Ministry of Economic Affairs reported Friday.

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