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Taiwan cuts 2015 GDP growth forecast on slowing exports

[TAIPEI] Taiwan on Friday slashed its economic growth outlook this year to a six-year low over expectations exports will fall further than previously estimated.

Gross domestic product should grow 1.56 per cent in 2015, said the Directorate General of Budget, Accounting and Statistics, sharply lower than the 3.28 per cent growth it had estimated in May.

It was the second time the island's chief statistics agency revised lower its GDP growth forecast for this year.

Exports are seen contracting 7.1 per cent this year, worse than a previously forecast decline for 2.62 per cent, the government agency said.

Meanwhile, consumer prices were expected to fall 0.19 per cent this year, compared with an earlier forecast for growth of 0.13 per cent.

REUTERS