Taiwan lowers 2022 economic growth forecast, ups CPI growth expectation

TAIPEI, Aug. 13 (Xinhua) -- Taiwan's statistics agency has lowered the forecast of the island's economic growth rate this year to 3.76 percent and raised the expectation for the consumer price index (CPI) growth rate to a new high of 2.92 percent.

The island delivered 3.38-percent growth in its economy in the first half of this year, said the agency on Friday, adding that it turns out to be 3.76 percent for the whole year when factoring in the prediction for the second half of the year.

According to the agency, the global economy and international trade were both predicted to shrink this year, while the island's domestic consumption remained sluggish, which would inevitably weaken Taiwan's export figures and eventually reduce its economic growth.

The agency, at the same time, raised the expectation for the CPI growth this year to 2.92 percent, a new high over the past 14 years, which was mainly attributable to higher eating-out fees and increased rental costs.

Statistics show that Taiwan's CPI had risen by over 3 percent for five consecutive months this year.