TAIPEI: Taiwan revised its expectations for full year economic growth downwards yesterday, citing a weaker global economic outlook and slowing exports and consumer spending in the second half.
The Directorate General of Budget, Accounting and Statistics forecast annual expansion at 2.31 percent, down from the 2.4 percent outlined in May and 3.59 percent in February.
“The growth of external demand is subject to the deceleration of emerging markets in the second half of 2013. Combining with domestic demand, Taiwan’s GDP is forecasted to grow 2.31 percent in 2013,” the agency said in a statement.
Exports, roughly accounting for about two-thirds of the island’s GDP, were expected to grow 2.3 percent in 2013, down from a previously estimated expansion of 2.82 percent while consumer spending growth was forecast to grow just 1.59 percent for the full year, it said.
In the second half of 2013, GDP was expected to grow 2.54 percent, down from a previous forecast of 2.92 percent, while export growth was expected to slow to 2.2 percent, it added.
Tesco bets on Downton Abbey for sales boost
LONDON: Tesco has become the latest British retailer to link-up with television show Downton Abbey, hoping an association with the popular post-Edwardian period drama will boost sales of its premium own-brand food range.
Britain’s biggest grocer said on Friday the “Tesco Finest” range, which consists of over 1,400 products from ready meals to wine, would sponsor Downton Abbey in the first TV sponsorship deal by the range.
In June Tesco posted a drop in quarterly underlying sales in Britain, resuming a trend seen for most of the past three years and raising doubts about its £1bn ($1.56bn) turnaround plan despite a host of new initiatives.
Agencies
