Taiwan Industry August 2017


Taiwan: Industrial production growth gathers pace in August

September 22, 2017

Industrial output grew 3.2% in year-on-year terms in August, which marked an improvement over the 2.1% expansion recorded in July. The acceleration in output growth was due to a better-performing manufacturing sector, the cornerstone of the island’s economy. The print also surprised market analysts, who had expected industrial production to expand 1.9% in August.

Manufacturing production, which accounts for 93% of total industrial production on the island, accelerated from 2.6% growth in July to 4.0% in August. Output for all manufacturing industries except electronic parts and components grew at faster clips than in July. Other than manufacturing, output in mining and quarrying shrunk 0.2% in August from the same month of the previous year, while production of electricity and gas supply declined 2.3%.

In seasonally-adjusted terms, industrial production rose a robust 2.3% over the previous month in August, which contrasted the 0.3% month-on-month decrease recorded in July. Annual average growth in industrial production eased from a two-year high of 4.5% in July to 4.1% in August.

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 to moderate and expand 2.8%, which is unchanged from last month’s estimate.

Author:, Economist

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Taiwan Industry August 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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