Taiwan: Industrial production declines in December as external demand falters
January 23, 2019
Industrial output fell 1.2% year-on-year in December, contrasting the 2.4% growth logged in November. This was furthermore the first time output contracted in over two-and-a-half years, with the exception of February 2018’s negative print, which was caused entirely by calendar effects due to seasonal holidays.
Output in the manufacturing sector—which represents more than 90% of total industrial production—fell 1.5% in December, down from the 2.5% growth registered in November. On the positive side, output growth in electricity and gas supply as well as mining and quarrying accelerated, while water supply rebounded from November’s contraction.
On a seasonally-adjusted month-on-month basis, industrial output contracted 0.4% in December, following November’s sharper 2.1% decline. Annual average growth in industrial production meanwhile tumbled from 4.1% in November to 3.7% for the full year 2018.
Author: Joffrey Simonet, Economist