Taiwan: Industrial output records lowest expansion since February in September, but remains solid
Industrial output grew 12.2% in year-on-year terms in September, which was a deterioration from August’s 13.4% increase. The outturn marked the worst reading since February. Looking at the details of the release, manufacturing production increased at a slower pace in September, while electricity and gas supply output gained momentum. Meanwhile, water supply output contracted at a quicker pace.
On a seasonally-adjusted monthly basis, industrial production rebounded strongly, rising 2.2% in September (August: -1.2% mom). Meanwhile, the trend improved modestly, with the annual average growth of industrial production coming in at plus 12.6% in September, up from August’s 12.5%.