Taiwan: Industrial production declines for third consecutive month
June 25, 2012
In May, industrial production contracted 0.2% over the same month last year, which followed the 1.8% decline seen in April. The drop undershot market expectations, which had anticipated industrial production to fall a sharper 2.5%, but it marked, nonetheless, the third consecutive decline in industrial output. The monthly contraction was driven by a decline in manufacturing, as the rest of sectors expanded in annual terms. A month-on-month comparison corroborates the decline suggested by the annual figures, as industrial production dropped 0.32% over the previous month in seasonally adjusted terms, which was broadly unchanged from the 0.26% decline recorded in April. As a result of the monthly contraction, the trend continues to point down, with annual average variation in industrial production falling from minus 0.2% in April to minus 0.9% in May.