Taiwan: Industrial output plummets in January
February 23, 2012
In January, industrial production plunged 16.5% over the same month last year, which more than doubled the 8.1% drop seen in December. The decline exceeded market expectations, which had anticipated industrial output falling 15.3% and represents, in fact, the largest contraction seen since June 2009. That said, the reading was affected by the Lunar New Year holiday, and output is expected to recover in February. The monthly fall was broad-based, with all categories suffering sharp declines over the same month last year. A month-on-month comparison, however, does not corroborate the decline suggested by the annual figures, as industrial production increased 4.26% over the previous month in seasonally adjusted terms, which contrasted a 0.21% drop seen in December. The trend continues to point down, with annual average variation in industrial production falling from 5.0% in December to 2.1%.