Taiwan's economy is expected to expand 1.61% in 2023, the Directorate General of Budget, Accounting and Statistics said on Friday, downgrading its outlook from a previous estimate of 2.04%.

Gross domestic product (GDP) expanded by a revised 1.36% in the second quarter from a year earlier, compared with a preliminary reading of a 1.45% growth. (Reporting by Jeanny Kao and Faith Hung; Editing by Himani Sarkar)