Cityscape at night in Taiwan

Taiwan Industry February 2018

Taiwan: Industrial production recedes in February due to the Lunar New Year

Industrial output fell 1.9% in annual terms in February, markedly down from the revised 10.7% expansion registered in January (previously reported: +10.9% year-on-year). This reading came in below analysts’ expectations of a 1.7% growth rate. However, it should be pointed out that this weak reading was in large part due to the Lunar New Year, which occurred in February this year instead of January, as was the case in 2017. As a result, there were fewer working days in February 2018 compared to last year. Conversely, the same effect was behind the very large year-on-year expansion recorded in January. Taking January and February production numbers together yields a growth rate of 4.6% compared to the same period last year.

Looking at sub-components of the index, manufacturing production, which accounts for more than nine-tenths of total industrial output, declined 2.9% year-on-year in February, after a 10.6% yoy expansion in January. Meanwhile, mining and quarrying activity declined, utilities output grew moderately, and the construction sector surged.

With the large swings in the annual data because of the Lunar New Year, seasonally-adjusted figures offer a complementary view of the performance in the industrial sector. On a seasonally-adjusted basis, industrial output grew 1.2% over the previous month in February, marking an acceleration from January’s revised 0.9% growth (previously reported: 1.0%). Annual average growth in industrial production slowed from January’s 3.7% to 2.6% in February.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest