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Taiwan's account surplus to hit new high of US$50b. for 2009.

Taipei, Aug. 24, 2009 (CENS) -- Economic recovery is imminent with the account surplus hitting a new high of US$22.59 billion in the first half of this year, with the figure expected to grow to US$50 billion for the full year, more than double the corresponding US$24.89 billon recorded last year, according to the central bank here.

Market observers attributed the sharp rise in the account surplus to the massive overseas capital repatriated by domestic investors after the government announced to lower the inheritance tax in January this year. In the first half of the year Taiwan witnessed a sizable US$20.41 billion repatriated by Taiwanese investors, much higher than last year's US$6.55 billion.

In the second quarter Taiwan recorded a net inflow of US$4.65 billion in capital, the highest of its kind in four years. In the same period, the private sectors repatriated US$6.03 billion, which helped boost the total net inflow of capital by the private sector up to US$8.93 billion.

Including the corresponding US$11.48 billion of the first quarter, then the figure would rise to US$20.41 billion or about NT$700 billion in the first half.

((JL))(GE)
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Publication:The Taiwan Economic News
Article Type:Brief article
Geographic Code:9TAIW
Date:Aug 24, 2009
Words:208
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