U.S. Markets closed

Taiwan raises 2019 GDP growth forecast to 2.46%

FILE PHOTO: Taiwanese landmark building Taipei 101 is seen through the fog in Taipei

TAIPEI (Reuters) - Taiwan raised its 2019 economic growth forecast to 2.46% from 2.19% on Friday, after second-quarter growth was boosted by returning production to the island from China despite the Sino-U.S. trade war.

Second-quarter GDP growth was revised to 2.40% from the same period a year earlier, compared with a preliminary 2.41%, the Directorate General of Budget, Accounting and Statistics said in a statement.

The trade-reliant economy expanded 1.83% in the first quarter, revised data showed.

The government forecast that exports would decline 1.24% in 2019, worse than a previous forecast of a 1.17% drop. That compared with a 5.9% expansion in 2018.

It also expects the economy to expand 2.58% in 2020.

(Reporting by Yimou Lee and Jeanny Kao; Editing by Jacqueline Wong)