Taiwan: Industrial production accelerates in June
July 24, 2017
Industrial output posted further growth in June as manufacturing production continues to strengthen. Industrial output was up 3.1% in annual terms, riding on May’s increase of 0.9% year-on-year. The print was the highest since March. June’s growth accelerated faster than had been expected, as market expectations were projected to be 1.2% year-on-year.
According to the Ministry of Economic Affairs, the healthy improvement in manufacturing output, which accounts for 93% of overall industrial production, was driven by stronger output in the electronics component sector. This included heightened international demand for high-tech gadgets as well as increased production of flat panels. The machinery and equipment production subcomponent also experienced a boost in June.
Industrial production rose 2.4% over the previous month in seasonally-adjusted terms in June, compared to a 0.2% gain in May. Annual average growth rose from 4.1% in May to 4.3% in June, which is the highest rate since June 2015.
Author: Lindsey Ice, Economist