World Economy

Taiwan Jobless Rate Dips 3.63 Percent

Taiwan’s GDP growth for 2018 has been upgraded to 2.60%.Taiwan’s GDP growth for 2018 has been upgraded to 2.60%.

Taiwan’s jobless rate for May fell to a new low in three years due to a continued economic recovery, which has helped the local job market improve further, according to the directorate general of budget, accounting and statistics.

In May, the local unemployment rate fell 0.01 percentage points from a month earlier to 3.63%, the lowest level since May 2015, when it stood at 3.62%, data compiled by the DGBAS showed, CNA reported.

After seasonal adjustments, the May jobless rate remained unchanged from a month earlier at 3.69%, the data indicated. It was the third consecutive month for the unemployment rate to move lower on a month-on-month basis, which provided further evidence of a recovering economy at home.

In late May, the DGBAS upgraded its forecast of Taiwan’s gross domestic product growth for 2018 by 0.18 percentage points to 2.60% after the local export-oriented economy made a strong showing in the first quarter as it benefited from solid global demand.

In the same month, the number of unemployed people fell by 1,000 or 0.20% from a month earlier to 430,000, while the number of employed rose 5,000 or 0.04% from a month earlier to 11.41 million, the DGBAS said.

Meanwhile, the labor participation rate for May reached 58.86%, unchanged from a month earlier, the DGBAS added.

In the first five months of this year, Taiwan’s jobless rate stood at 3.65%, the lowest level in 18 years, while the labor participation rate rose 0.14 percentage points from a year earlier to 58.87%, according to the DGBAS.

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