Tapei China - Supply-side contribution to growth, credit indicators

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Growth was highly variable across sectors (Figure 3.13.3). Industry, the largest sector, contributed about a quarter of GDP growth, despite rising by a meager 0.9% owing to a slow 1% rise in manufacturing output. Mining and quarrying increased by a hefty 10.4% in 2012 but contributed little to growth because of their small share in GDP. Construction declined, and typhoons left agricultural output down by 5.8%. The service sector grew by a modest 1.0%, as the information, communications, tourism, and entertainment industries picked up and growth in wholesale and retail trade and real estate moderated. Tourist arrivals from the PRC increased dramatically in 2012, as visa requirements relaxed. Average inflation rose to 1.9% from 1.4% in 2011, owing to acceleration in food prices and the reduction of fuel subsidies that had been in place for 16 months. Rising real estate prices decelerated to 5.7% from 9.9% in 2011, reflecting deteriorating economic conditions and central bank intervention to cool property speculation, which moderated private investments. Consistent with the government’s policy of narrowing the fiscal deficit, growth in expenditures slowed to 1.5% despite substantial rises in social welfare payments and development spending. Revenues increased by 3.5% as tax receipts grew, bringing the fiscal deficit for the year down to 1.6% of GDP. The central bank kept the rediscount rate unchanged at 1.875% (Figure 3.13.4), in the face of the continued downside risks arising from the global economic situation and moderating inflation. The money supply (M2) grew by 3.5% in 2012, more slowly than in 2011, reflecting smaller increases in net foreign assets and in bank credit as lending to the private sector grew more slowly and net claims on government enterprises contracted. Source: Directorate-General of Budget, Accounting and Statistics (DGBAS). http://eng.stat.gov.tw (accessed 12 March 2013)
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