New low in the past 8 years! Taiwan lowers its annual economic growth forecast to 1.61% globally | sector | economy
The latest forecast from the statistics department of the Taiwan authorities has significantly revised its economic growth forecast for this year to 1.61%, a decrease of 0.43 percentage points from the May forecast. This not only fails to meet the "2 guarantees", but also sets a new low since the Democratic Progressive Party took office nearly 8 years ago.
The expected economic growth rates for Taiwan in the third and fourth quarters are 2.54% and 5.59%, respectively.
The decline in exports has hit the manufacturing industry first. The Taiwan Economic Affairs Administration recently announced that the manufacturing output value in the second quarter decreased by 19.57% compared to the same period last year, with negative growth for three consecutive quarters. Among them, the main electronic component industry in the manufacturing industry decreased by 22.70% year-on-year.
The latest statistics released by the Taiwan Labor Affairs Administration show that the number of people taking unpaid leave has once again exceeded 11201, and the manufacturing industry remains a heavily affected area, accounting for over 80% of the total number of people, making it the industry with the highest number of new employees in this period.
The statistics department estimates that Taiwan's private investment will decline by 5.93% this year, a significant decrease of 3.44 percentage points compared to before.
On the 18th, the overall average vegetable trading price at Taipei Fruit and Vegetable Wholesale Market was close to 44.9 yuan per kilogram, an increase of nearly 50% compared to the same period last year. About half of the counties and cities in Taiwan have recently seen pork prices rise above the 100 yuan per kilogram mark, causing customers to exclaim that they cannot afford to buy it.
Prices have risen, but wages have not risen in sync. The Taiwan statistics department recently announced that the actual total salary of all employees from January to June this year, after deducting price factors, decreased by 0.73% year-on-year, marking the first negative growth in the same period in nearly 7 years.