Taiwan Industry September 2017

Taiwan

Taiwan: Industrial production growth accelerates in September

October 23, 2017

Industrial output grew 5.2% in year-on-year terms in September, which marked an improvement over the revised 3.3% expansion recorded in August (previously reported: +3.2% year-on-year) and the highest print in seven months. The reading, however, fell slightly short of market expectations of a 5.4% increase. Faster output growth reflected improved dynamics in the country’s all-important manufacturing sector.

Manufacturing production, which accounts for 93% of total industrial production on the island, accelerated from 4.1% growth in August to a 5.4% expansion in September. This reflected strong production levels for manufactured goods other than electronic parts, the output of which shrunk in September on weak smartphone demand. Other than manufacturing, mining and quarrying output rose 12.0% in September from the same month of the previous year, while production of electricity and gas supply shrunk 2.8%.

In seasonally-adjusted terms, industrial production rose 1.3% over the previous month in September, which followed a 2.3% month-on-month increase recorded in August. Annual average growth in industrial production inched up to 4.2% in September from 4.1% in August. Annual average industrial output growth had reached a two-year high of 4.5% in July.

Analysts participating in our Consensus Forecast expect industrial production to continue recovering this year and to expand 3.3%, which is up 0.1 percentage points from last month’s forecast. For 2018, participants expect industrial output growth to moderate to 2.8%, which is unchanged from last month’s estimate.


Author:, Economist

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Taiwan Industry September 2017

Note: Year-on-year and annual average var. of industrial production index in %.
Source: Directorate-General of Budget, Accounting & Statistics (DGBAS).


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