Taiwan: Industrial production dips again in May
June 24, 2019
Industrial output fell 3.1% year-on-year in May, contrasting the revised 1.4% year-on-year increase logged in April (previously reported: +1.0% year-on-year).Output in the manufacturing sector—which represents more than 90% of total industrial production—fell 3.0% in May, contrasting a 1.3% rise in April. The print came on the back of a sizable contraction in producer goods output, and a milder slump in consumer goods production, while conversely output of investment goods increased. Meanwhile, the sectors of mining and quarrying; electricity and gas supply; and water supply all contracted in the month.On a seasonally-adjusted month-on-month basis, industrial output fell 0.7% in May, down from the 5.8% rise logged in April. Annual average growth in industrial production meanwhile tumbled from 1.2% for the 12 months up to April to 0.3% in May.FocusEconomics Consensus Forecast panelists expect industrial production to contract 0.5% in 2019, which is down 1.6 percentage points from last month’s forecast. For 2020, participants expect industrial output to grow 2.5%.
Author: Joffrey Simonet, Economist