Taiwan Industry November 2017

Taiwan

Taiwan: Industrial production growth slows in November

December 22, 2017

Industrial output grew 0.9% in annual terms in November, a slowdown from the revised 2.5% expansion recorded in September (previous estimate: +2.9% year-on-year). The reading also disappointed market analysts, who had expected industrial production to expand 2.1% in year-on-year terms.

Manufacturing production, which accounts for more than 90% of total industrial production in Taiwan, grew 1.2% year-on-year in November, down from a 3.1% expansion a month earlier. Looking at heavyweight sub-sectors, the electronic components industry grew only 0.1%, due to weak demand for semiconductor wafers. Production in the computer and optoelectronics segment fell 4.2% year-on-year in November on the back of increasing global competition from handheld and virtual reality devices. On the other hand, the machinery industry grew 17.6% over the same period last year as companies worldwide ramp up their efforts to automate factories.

In seasonally-adjusted terms, industrial production increased 0.6% over the previous month in November, contrasting the 2.2% decline recorded in October. Annual average growth in industrial production stood at 3.4% in November, a 0.7 percentage-point decrease from October´s 4.1%, and the weakest reading in nine months.

Analysts participating in the FocusEconomics Consensus Forecast expect industrial production to expand 3.3% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, participants expect industrial output growth to moderate slightly, to 3.1%.


Author:, Economist

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Taiwan Industry November 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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