TAIPEI, Nov 24 (Reuters) - Taiwan’s government raised its 2017 economic growth forecast to 2.58 percent from 2.11 percent on Friday, as stronger-than-expected exports helped drive economic momentum this year.
The government also nudged up its outlook for 2018 to 2.29 percent from 2.27 percent projected in August.
In February, Taiwan projected 1.92 percent growth for 2017, and that forecast was lifted to 2.05 percent in May, and then 2.11 percent in August.
Third-quarter growth was tweaked to 3.10 percent from the government’s initial estimate of 3.11 percent.
The latest revision was announced by the Directorate General of Budget, Accounting and Statistics.
Exports have proven a strong spot in the economy this year, and the last few months are traditionally a busy season with manufacturers meeting orders for the launches of new smartphone products and other gadgets. Apple Inc’s highly anticipated iPhone X went on sale on Nov. 3.
Taiwan is one of Asia’s major exporters especially of technology goods, and its export trend is an important gauge of global demand for technology gadgets worldwide. (Reporting by Jeanny Kao and Brenda Goh; Writing by Jess Macy Yu; Editing by Jacqueline Wong)