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Taiwan’s economy grew by more than initially thought in the fourth quarter of the year, expanding 2.88 per cent amid an uptick in manufacturing.

The revised figure from an initial estimate last month of 2.58 per cent by Taiwan’s Directorate-General of Budget, Accounting and Statistics puts growth in line with initial expectations by economists, who had predicted the economy would grow 2.85 per cent in the final three months of 2016.

The department said it expects the economy to expand by 1.92 per cent this year, up from 2016′s 1.5 per cent growth, which was in turn double the rate of 2015.

“Global economy and world trade volume are expected to expand at a faster path in 2017. Moreover, the emerging demand of new smart applications, such as IOT [Internet of Things], high-performance computing and automotive electronics, are helpful to maintain the growth momentum of Taiwan’s goods exports,” it said in a release.

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