Taiwan on Friday raised its full-year economic growth forecast for 2014 to a three-year-high of 2.98 percent, citing rising private investment and consumer spending.
The government revised the gross domestic product figure upward from an estimate of 2.82 percent made in February.
If achieved it will be the island's highest growth since 2011 when the economy posted a rise of 4.19 percent.
Full-year private investment was forecast to increase 4.73 percent, boosted by an expansion in semiconductor, aviation and telecommunication sectors while consumer spending was expected to grow 2.58 percent, Taiwan's Directorate-General of Budget, Accounting and Statistics said.
The agency also raised the first quarter growth forecast to 3.14 percent on-year, up from a 3.04 percent prediction made in February, although 2013 full-year economic growth was downgraded by 0.02 percentage points to 2.09 percent, according to AFP.
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