According to the statement issued by the Polaris Research Institute (PRI), the think tank has lifted its prediction for Taiwan’s this year economic growth to 8.52%, up from earlier estimate of 6.82 percent, because of the high exports and growing private usage.

It was the third time when Polaris Research Institute has changed its estimation for the country’s 2010 gross domestic product (GDP) development after better results in GDP growth of 12.53 percent in the period of April-June of
2010, and 13.71 percent jump recorded during the first quarter of this year.

The PRI office further said that the next year economy will rise around 4.53 percent as compared to the present year.

The report added that the pace of exports and local usage will turn more moderate from the strong results in 2010.

While talking to press personals, Polaris President Liang Kuo-yuan said, “Taiwan's strength in exports has been well above previous expectations, in particular on the back of strong demand from China, Japan, the Association of Southeast Asian Nations and Europe.”

During the period of Jan-Aug of this year, exports reached to US$179.86 billion, an increase of 44.2 percent as compared to the same period of last year.

The institute announced that the current year export orders will originate 25.64 percent, also a growth of 23.94 percent as compared to 2009.