TAIPEI -- Taiwan's economy grew by 3.06 percent year on year in the first quarter of this year, slightly more than the previous forecast, according to the island's statistics agency.

The GDP growth is attributed to sound exports due to strong demand for scientific applications and eased supply chains, said the agency on Thursday.

The agency also noted that it might lower the GDP growth forecast for 2022 but the figure would not be lower than 4 percent.

The Taiwan Institute of Economic Research, a leading economic think tank, anticipated that the island's economy would grow by 4.1 percent this year.