Taiwan raised its 2017 economic growth forecast to 2.58 percent from 2.11 percent, as exports have picked up steam with a recovering global economy.

Exports are expected to grow 6.63 percent year on year in 2017, on the back of a growing global economy and rising commodity prices, while private consumption may rise 2.14 percent thanks to the improving job market and rallying stock market, according to the island's statistics agency Friday.

However, fixed asset investment is expected to only grow 0.92 percent year on year due to a high comparison.

The island's economy expanded 2.64 percent, 2.28 percent and 3.1 percent in the first three quarters respectively and is likely to grow 2.3 percent in the fourth quarter.

The agency also raised the GDP growth rate prediction for 2018 from 2.27 percent to 2.29 percent, with expected lower exports and private consumption growth, but stronger expansion in fixed asset investments.

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