Taiwan’s economy grew a slightly better-than-expected 3.04% in the first quarter compared with the same period last year.
According to data released by the government statistics office on Wednesday, the growth was slightly higher than expected because of surprising gains in domestic consumption. Domestic consumption was boosted by higher tourism and retail spending over the Lunar New Year holidays.
An official with the government statistics office, Jasmine Mei, says although the global economy is on a path to recovery, there are also risks.
"Currently, the economy is still in recovery, and risks are there, including the impacts of QE tapering on emerging markets, Mainland China’s structural reforms on its economic growth, and Japan’s sales tax hike on its economy," said Mei. China is now fostering its domestic industries, and the competition with Taiwanese ones is also a major risk."