Taiwan: Industrial production gains steam in July
August 23, 2018
Industrial output growth expanded 4.4% in annual terms in July, accelerating from June’s upwardly revised 0.5% increase (previously reported: +0.4% year-on-year).
The stronger print in July was chiefly driven by a pick-up in manufacturing output—which represents more than 90% of total industrial production. The manufacturing sector grew 5.0% over the same month of the previous year in July, up from the revised 0.8% expansion registered in June (previously reported: +0.7% yoy). Meanwhile, mining and quarrying production declined while electricity and gas supply contracted for the second consecutive month. Moreover, water supply also fell in July.
On a seasonally-adjusted month-on-month basis, industrial output rebounded 0.6% in July from a revised 2.6% contraction in June (previously reported: -2.7% month-on-month). Annual average growth in industrial production inched up to 4.2% in July from 4.1% in June.
Author: Lindsey Ice, Economist