Taiwan's economy up 3.74 pct in 2014

Taiwan's economy saw its fastest growth rate in almost three years after strong local demand and steady exports drove a 3.74 percent expansion in 2014, official data showed on Monday.

The GDP last year reached 16.88 trillion new Taiwan dollars (US$535 billion), with a per capita GDP of 22,632 U.S.dollars, Taiwan's statistical agency said.

The Consumer Price Index rose 1.2 percent year on year in 2014.

The agency raised the economic growth forecast in 2015 to 3.78 percent, or 0.28 percentage points higher than the previous projection of 3.50 percent, which was made in November 2014.

The GDP economic growth in the fourth quarter of 2014 was also raised to 3.35 percent, compared with 3.17 percent originally estimated in January 2015, according to the data.

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