Taiwan: Industrial production increases at fastest pace in over two years in November
December 23, 2016
Industrial production jumped 8.8% in November from the same month last year, accelerating from a 3.4% expansion in October. The increase was the fastest since October 2014.
Manufacturing production—which contributes 93% to overall industrial output—increased 10.4% annually in November (October: +5.4% year-on-year). Conversely, mining and quarrying contracted at a double-digit rate again in November (November: -15.1% yoy; October: -15.3% yoy) and activity in construction deteriorated further, although at a slower pace.
A month-on-month comparison shows that industrial output expanded a seasonally-adjusted 2.1% in November, following the 1.3% increase in October. The trend suggests that the ongoing recovery in the sector continues, as the annual average variation in industrial production swung from minus 0.7% in October to plus 0.4% in November—the first positive average growth rate since October 2015.
Author: Ricardo Aceves, Senior Economist