Taiwan economy grew 5.02pc in second quarter

TAIPEI: Taiwan's economy grew a better-than-expected 5.02 percent in the second quarter of 2011 due to strong exports and domestic spending, the government said Thursday.

The figure was higher than the 4.88 percent growth figure given when the Directorate General of Budget, Accounting and Statistics released its preliminary estimates last month.

However, the agency further lowered the 2011 full year growth forecast to 4.81 percent from 5.01 amid growing uncertainty in the international economic outlook.

It forecast Taiwan's economy would grow 4.58 percent in 2012.

The figures follow a better-than-expected 6.16 percent rise in the first quarter of the year, also on the back of robust exports.

Taiwan's economy last year expanded 10.88 percent, a 24-year high, fuelled by rapid growth in China, the island's main trading partner.

Copyright AFP (Agence France-Presse), 2011