Taiwan’s economy grew at a faster-than-estimated pace in the third quarter, latest figures from the Directorate General of Budget, Accounting & Statistics showed on Friday.

Gross domestic product grew 2.99 percent year-on-year, which was faster than the flash estimate of 2.91 percent.

The growth rate for the second quarter was revised up to 2.60 percent from 2.40 percent. First quarter growth was also revised to 1.84 percent.

Private final consumption growth improved to 2.28 percent from 1.61 percent in the previous quarter, mainly reflecting the sales growth of cars and electric scooters, that were partly offset by the decrease in securities transaction fees.

In contrast, gross capital formation contracted 0.87 percent after a 6.17 percent growth in the previous quarter. That was mainly due to the inventory adjustments and the high base effect in the previous year, which more than offset the robust expansion of machinery and equipment expenditures.

Exports of goods and services grew by 0.33 percent.

GDP grew 2.42 percent quarter-on-quarter seasonally-adjusted annualized basis in the third quarter.

The DGBAS raised the 2019 GDP growth projection by 0.18 percentage points to 2.64 percent. The economy is forecast to expand 2.72 percent next year.

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