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Barclays PLC forecast '13 Taiwan GDP to grow 4%

TAIPEI--British bank Barclays PLC raised its forecast for Taiwan's economic growth in 2013 Friday, a day after the government reported better-than-expected gross domestic product (GDP) growth in the last quarter of last year.

Taiwan's economic growth expanded 1.25 percent year-on-year in the October-December quarter, higher than the 1.13-percent growth previously forecast, according to government figures released Thursday.

Barclays said it raised its full-year GDP growth forecast to 4 percent from 3.4 percent because of an expected emerging upturn in Taiwan's information technology industry, which is key to Taiwan's manufacturing sector.

Barclay's forecast was higher than the government's revised growth estimate of 3.53 percent announced Thursday.

The central bank is expected to keep its policy rate unchanged at 1.875 percent in March to support the nascent recovery, the bank said.

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