Taiwan lowers GDP forecast for 2022, raises inflation expectations
Budget authority says import costs main reason for inflation
By Gokhan Ergocun
ISTANBUL (AA) - Taiwan lowered its GDP growth forecast for this year by 0.51 percentage points to 3.91% versus its previous forecast.
According to an official statement on Friday from the country's budget directorate, inflation is expected to reach 2.67% on average this year, increasing by 0.74 percentage points.
The statement added that the main reason for inflation was import costs.
Growing by 6.57% in 2021, the self-ruling island's economy recorded 3.14% in the first quarter of 2022.
The inflation rate was 1.96% in 2021, while it was minus 0.23% in 2020.
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