Taiwan: Industrial production records largest expansion in nearly a year
January 23, 2014
In December, industrial production rose a working-day adjusted 5.1% over the same month of the previous year, marking the largest expansion since January 2013. The increase contrasted the 0.5% contraction recorded in November and overshot market expectations of a 2.0% increase. The print reflected that strong expansions in manufacturing and in building construction more than offset the decline in mining and quarrying.
The monthly data confirm the improvement suggested by the annual data; industrial output increased 2.27% in seasonally-adjusted terms, which was up from the 0.85% increase recorded in November. As a result of the higher figure, annual average growth in industrial output edged up from 0.7% in November to 0.9% in December. In the full year 2013, industrial output registered a stronger performance over the previous year, as it expanded 0.75%, which was up from the 0.25% contraction seen in 2012.
FocusEconomics Consensus Forecast panelists expect industrial production to rise 2.3% this year, which is down 0.8 percentage points from last month's forecast. For 2015, panel participants expect industrial output to pick up to 3.4%.