Taiwan Industrial production July 2022

Taiwan

Taiwan: Industrial output growth improves in July but remains tepid

August 16, 2022

Industrial output increased 1.1% year on year in July (June: +0.5% yoy). The upturn was largely due to pickups in manufacturing and water supply output. In contrast, mining growth slowed. On a seasonally-adjusted monthly basis, factory output rebounded, rising 0.5% in July (June: -0.6% mom).

Despite the improvement in the July figures, industrial production growth is far lower than last year’s levels. This is reflective of weakening momentum in China and developed economies, and a cooling of pent-up goods demand now that Covid-19 restrictions have been lifted in most parts of the world for several months.

Panelists see industrial output expanding 4.5% in 2022, which is down 0.3 percentage points from last month’s forecast, and 3.0% in 2023.


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Taiwan Industrial production Chart


Taiwan Industry July 2022

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Ministry of Economic Affairs.


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