TAIPEI -- Taiwan's statistics authorities on Friday drastically revised the island's gross domestic product (GDP) growth forecast for 2023 to 1.61 percent, a nearly eight-year low.

Taiwan's GDP dropped 3.31 percent year on year in the first quarter and rose 1.36 percent in the second quarter, according to official data.

Growth rates for the third and fourth quarters are expected to be 2.54 percent and 5.59 percent, respectively.

The statistics authorities have indicated that due to the sustained weakness of global demand, Taiwan's exports and private investments have been adversely affected, leading to the downward revision of its GDP growth figure.

However, they forecast a GDP growth rate of 3.32 percent for 2024, saying that Taiwan's exports and investment momentum are expected to rise alongside global economic recovery and a trade volume expansion.