Taiwan: Industrial production accelerates in October
November 23, 2010
In October, industrial production expanded 14.4% over the same month last year. The figure was above the 12.2% expansion recorded in September and overshot market expectations, which had anticipated industrial output would grow 13.6%. The acceleration in October was mainly driven by faster growth in the manufacturing sector, which expanded 15.3% (September: +13.1% year on year). In addition, electricity, gas and water supply added 3.0% (September: +0.4% yoy). Finally, mining and quarrying decelerated from a 25.2% expansion in September to 17.3% in October. A month-on-month comparison corroborates the acceleration suggested by the annual figures, as industrial production expanded 4.06% over the previous month in seasonally adjusted terms, which contrasted the 2.89% contraction observed in September. As a result, the trend in industrial production continues to point up. Annual average growth in industrial production inched up from 29.3% in September to 29.9%. The government anticipates GDP to expand 9.98% this year and 4.5% in 2011.