Taiwan drops its estimation for its 2022 GDP, increases infl...| MENAFN.COM

Wednesday, 06 July 2022 12:32 GMT

Taiwan drops its estimation for its 2022 GDP, increases inflation estimates


(MENAFN) Taiwan dropped its estimation for its GDP expansion for this year by 0.51 percentage points to 3.91 percent in contrast to its most recent estimate.

On the word of an official announcement on Friday from the nation's budget directorate, inflation is estimated to amount to 2.67 percent on average this year, rising by 0.74 percentage points.

The announcement also stated that the major cause for inflation was import prices.

Increasing by 6.57 percent though last year, the self-ruling island's economy registered a 3.14 percent in the January-March period of 2022.

The inflation rate stood at 1.96 percent last year, whereas it was negative 0.23 percent in the year before.

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