Annual economic growth forecast lowered to 4.56%
November 1, 2011, 12:11 am TWN
TAIPEI--The government has trimmed its forecast for gross domestic product (GDP) growth in 2011 to 4.56 percent from its previous projection of 4.81 percent, because of sluggishness in the world economy.
The third quarter GDP growth rate was also cut to 3.37 percent from the 3.48 percent previous forecast in August, the Directorate-General of Budget, Accounting and Statistics said in a statement.
The bureau's projection for 2012 GDP growth was also lowered by 0.2 percentage point to 4.38 percent.
The revision was made based on export, export order and industrial production data over the past two months, which fell below expectations.
It was the third time this year that the government lowered its economic growth forecast. In May, the agency predicted 5.06 percent growth for 2011 and then revised it downward in late July and mid-August.