TAIPEI -- Taiwan's economy is expected to grow by 6.09 percent in 2021, 0.21 percentage points higher than the previous forecast released in August, the island's statistics agency said Friday.

The estimate was made based on the island's strong local investments and export performance, according to the agency.

The annual Consumer Price Index (CPI) for 2021 is expected to grow 1.98 percent, slightly lower than the 2-percent inflation warning line, the agency added.

It also raised Taiwan's 2022 GDP growth forecast to 4.15 percent, an increase of 0.46 percentage points compared to the previous forecast in August.