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IEK raises output value of Taiwan's manufacturing sector

TAIPEI, Taiwan -- The Industrial Economics and Knowledge Center (IEK) on Tuesday raised its 2014 growth forecast for the output value of Taiwan's manufacturing sector to NT$17.74 trillion from the previous NT$17.72 trillion, thanks to better-than-expected global recovery.

The sector's output value is expected to grow by 3.17 percent to NT$17.74 trillion in 2014, according to the forecast by the IEK under the government-sponsored Industrial Technology Research Institute. In January, the IEK predicted that Taiwan's manufacturing output would grow by an annual 3.09 percent in 2014 to NT$17.72 trillion.

The forecast came after the government raised its gross domestic product (GDP) growth forecast for 2014 earlier this month to 2.82 percent from 2.59 percent estimated in November 2013, putting the country on course to enjoy its biggest growth figure in three years.

The upward revision was attributed to expectations of brisker exports and higher local consumption this year due to the strengthening of the global recovery.

Authorities adjusted the figure upward by 0.23 percent points from its earlier estimate of 2.59 percent outlined in November 2013, the Directorate General of Budget, Accounting and Statistics (DGBAS) said earlier.

The revised forecast growth figure was the highest since 2011 when the economy posted a rise of 4.19 percent, it said.

The GDP of the export-reliant economy has been buoyed by stable economic recovery in the industrialized countries and improved domestic consumption.

Full-year exports in 2014 were forecast at US$315.6 billion, a rise of 3.33 percent, which the DGBAS said “would be still lower than the global trade growth forecast”.

According to the prediction of International Monetary Fund, the world's trade volume was forecast to rise 4.5 percent this year, up from 2.7 percent last year.

DGBAS in January also adjusted upward the GDP growth for the three months to December to 2.95 percent year-on-year, up from the 2.92 percent estimated. But the GDP growth for 2013 was downgraded by 0.08 percentage points to 2.11 percent.

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