Taiwan’s economy expanded 6.51% yearly in the first quarter, according to the government statistics agency. That beats the 5.92% increase forecast in February. Officials said the performance was due to a boom in exports and a favorable base effect.

Other contributing factors were record highs in the stock market and an increase in consumer spending. Dining and aviation were top beneficiaries of rising private consumption. Given the growth rate in Q1, the statistics agency estimates that the annual GDP growth rate will be revised up to 3.57%. That’s 0.14 percentage points higher than its February projection.

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