Downside Risks Grow But 2013 GDP Forecast Still At 3.0% Since our last quarterly report, the downside risks to our Taiwan economic forecast have edged up. We are holding to our below-consensus forecast of 3.0% GDP growth, but we note that Q113 data was disappointing. GDP growth decreased to a seasonally adjusted annualised rate of 3.2%. Other signs of weakness include faltering export orders, which fell for two consecutive months, thereby interrupting the recovery in overseas sales that had begun to take shape in H212. Admittedly, it is a finely balanced picture, with some upside risks also in play. Over …
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