TSMC (Taiwan Semiconductor Manufacturing Company) revised downward its outlook for revenues of the worldwide semiconductor industry in 2016 to 1% to 2%, due to the sluggish global economy and a slack demand for high-end smartphones, reported the Economic Daily News on April 15. By product category, the company expects demand for smartphones to grow by 7% year on year; personal PCs to decline by 6%; tablets to fall by 9%; consumer electronics to dip by 5%. However, TSMC forecasts that revenues of the IC foundry sub-industry will grow by around 5% year on year, and aims to boost its revenue by 5% to 10% this year. Meanwhile, the company said its 10nm process technology is slated for production in the first quarter of 2017, with 7nm process on track to begin production between 2017 and 2019.