Taiwan Industrial production July 2021

Taiwan

Taiwan: Industrial output records lowest expansion since February in July

August 23, 2021

Industrial output grew 13.9% compared to the same month a year earlier in July, which was a deterioration from June's 18.0% increase. The result marked the worst reading since February. Looking at the details of the release, manufacturing production grew at a slower rate in July, while electricity and gas supply output gained momentum. Meanwhile, water supply output dropped at a milder rate.

On a seasonally-adjusted monthly basis, industrial production fell 1.7% in July (June: +2.3% mom), the worst result since February 2020. Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at plus 11.7%, up from June's 10.8%.

Despite July’s softer readings, the industrial sector should remain a key driver of economic activity ahead thanks to buoyant global semiconductor demand and elevated capital investment in the chip industry.

Panelists see industrial output expanding 11.9% in 2021, which is up 0.3 percentage points from last month’s forecast, and 4.4% in 2022.


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Taiwan Industry July 2021 0

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


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