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TAIPEI, Aug. 19 (Xinhua) -- Taiwan's statistics department on Friday revised upward its forecast for the island's economic growth to 1.22 percent in 2016, following better than expected expansion in the second quarter of the year.
The reading was 0.16 percent higher than the estimate made by the department in May.
The island's GDP has increased by 0.23 percent on a quarter-on-quarter seasonally-adjusted basis in Q2, latest figures showed. On a year-on-year basis, GDP grew by 0.70 percent over the same the period.
Economic performance in Q2 not only beat the 0.48 percent growth forecast for the period in May, but also indicated Taiwan's economic growth had returned to positive territory after contracting for three consecutive quarters.
The economy was mainly shored up by better-than-expected exports of local commodities and services, the department said, adding that expansion in domestic retail sales and the catering sector had also contributed to the growth.
Meanwhile, the department estimated that the island's GDP will grow by 1.88 percent in 2017, citing general improvements in the world economy that should help sustain growth on the island.
