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Taiwan warms to GDP result
TAIPEI, Taiwan -- Taiwanese stocks are inching to a new 11-week high on Monday, bucking selling in most of the region. The benchmark Taiex is up 0.18 percent at 4,821.97 in morning trade, boosted by strong economic-growth figures from Friday. Taiwanese investors pushed the market to its highest in almost three months on Friday, buying electronics and bank stocks. They were encouraged by a strong performance for Taiwan's third-quarter gross domestic product. Figures released Friday show GDP grew at its fastest rate in two years. GDP at best in two yearsGDP rose 4.77 percent on an annualized basis, compared with a year ago. That was better than expected and outstripped a 3.98 percent rise for the second quarter. Total real GDP hit T$2.45 trillion ($70.6 billion), as exports rose to China. The figures were also coming off a low base a year ago. "External trade should continue to show expansion as (China) becomes our largest trading partner," the Directorate General of Budget, Accounting and Statistics said in a statement. China and Taiwan both joined the World Trade Organization last December, and the political rivals have eased trade restrictions between the two. But the government warned that there are plenty of challenges for Taiwan's economy. "Domestically, doubts on unemployment still exist and income growth is limited. And the private sector's tendency toward cautious consumption will remain difficult to change," the agency said. Forecast for year raisedThe agency lowered its forecast for fourth-quarter GDP to 3.17 percent from 3.34 percent. But it increased its estimate for full-year growth to 3.27 percent, from 3.14 percent. That contrasted with Singapore's decision to cut forecasts for the year, blaming weak export growth, as it reported GDP for the third quarter. (Full story) Taiwan predicted growth in exports, which make up half of Taiwan's economic output, at 5.6 percent for the year. Taiwan's technology-fueled economy relies heavily on demand for electronics, and depends more than most Asian economies on demand from the United States.
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