Taiwan's economy is expected to expand 3.43% in 2024, the Directorate General of Budget, Accounting and Statistics said on Thursday, upgrading its outlook from a previous estimate of 3.35%.

Gross domestic product expanded by a revised 4.93% in the fourth quarter from a year earlier, compared with a preliminary 5.12% reading, it said, thanks to strong domestic consumption. (Reporting by Jeanny Kao and Faith Hung; Editing by Himani Sarkar)