TAIPEI, May 21 (AFP) - Taiwan on Friday raised its 1999 economic growth forecast to 5.07 percent from an earlier projection of 4.74 percent amid an export revival. The revision was prompted by expanding overseas demand on the back of an economic recovery in Asia and a strong US economy, the Directorate General of Budget, Accounting and Statistics (DGBAS) said in a statement. Exports in the first quarter rose 3.5 percent year-on-year and overall growth for 1999 was expected to be 4.7 percent against a 9.4 percent decline last year, the government agency said. Taiwan's economy grew 4.33 percent in the first three months of this year. It expanded 4.83 percent in 1998, the slowest pace in 15 years, due to sluggish exports caused by regional financial crsis. If realised, the new growth target would make Taiwan the world's 13th fastest growing economy, trailing only China and India in the region, the DGBAS said. The 1999 gross national product (GNP), which includes overseas income, was expected to climb 7.47 percent year-on-year to reach 281.9 billion US dollars, it said. This year's average per capita income would reach 12,815 dollars, slightly up from 12,040 dollars in 1998, and inflation, measured by the consumer price index, was forecast at 1.06 percent, lower than last year's 1.68 percent.  