Taiwan: Industrial production records solid growth in May
Industrial output expanded 7.1% over the previous year in May, easing from April’s upwardly revised 8.8% increase (previously reported: +8.5% year-on-year).
Manufacturing output—which represents more than 90% of total industrial production—drove the reading in May, expanding 7.2% in annual terms (April: +9.4% year-on-year, previously reported: +9.1% yoy). The print was largely driven by solid growth in the production of electronic parts and components. Meanwhile, activity in the mining and quarrying industry contracted for the fourth consecutive month, while water supply activity moderated. Electricity and gas supply growth accelerated in the month.
On a seasonally-adjusted basis, industrial output expanded 1.3% month-on-month in May, contrasting April’s revised 2.7% decline (previously reported: -3.0% month-on-month). Annual average growth in industrial production increased to 4.4% in May from 4.1% in April.