Taiwan Industrial production March 2022

Taiwan

Taiwan: Industrial output records lowest expansion since May 2020 in March

April 25, 2022

Industrial output expanded 2.2% compared to the same month of the previous year in March, which was a deterioration from February's 9.5% increase. March's outturn marked the worst reading since May 2020 and was much lower than expectations. The notable weakening was partly due to a deterioration in manufacturing production growth, which expanded at the slowest pace since May 2020. In addition, electricity and gas supply production lost steam.

On a seasonally-adjusted monthly basis, factory output plummeted 6.5% in March (February: +3.4% mom), the worst result since December 2008. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 11.6% in March, down from February's 13.0%. A large power blackout early in month and lockdowns in mainland China hitting demand and supply chains likely weighed on March’s industrial production figures.

Panelists see industrial output expanding 5.7% in 2022, which is up 0.7 percentage points from last month’s forecast, and 3.1% in 2023.


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Taiwan Industrial production Chart


Taiwan Industry March 2022

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


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