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  HOME | Business & Economy (Click here for more)

Taiwanese Economy Advanced in 2017 with 2.6% Growth

TAIPEI – The Taiwanese economy registered positive performance in 2017, with growth of 2.6 percent and an 11 percent increase in export orders, the economy’s main engine, the Premier of Taiwan said on Thursday.

“The economic growth rate in 2017 was 2.6 percent, which represents a steady growth from 0.7 percent in 2015 and 1.5 percent in 2016,” Lai Ching-te said in a statement, before the official data release by the Directorate General of Budget, Accounting and Statistics planned scheduled for Jan. 31

The total number of export orders in 2017, some of which will be made this year, reached $492.8 billion marking an annual rise of 11 percent, said Lai.

Meanwhile, the value of real exports made and completed in 2017 amounted to $317.4 billion, implying an annual rise of about 13 percent, the largest in seven years.

In 2017, the stock market index saw a record high in the last 28 years with the unemployment rate at 3.76 percent, representing the lowest in 17 years.

The Taiwanese government has striven to remove barriers to investment and implemented a 3 percent increase in salaries for officials, teachers and military personnel as part of its economic stimulus policy, added Lai.

With regard to the challenges facing the Taiwanese economy, he highlighted the need to raise wages and build a social safety net to contribute to public welfare.

 

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