Taiwan Industry February 2020


Taiwan: Industrial production skyrockets in February

March 23, 2020

Industrial output flew 20.3% higher in February compared to the same month a year earlier, contrasting the revised 2.1% decrease recorded in January (previously reported: -1.5% year-on-year).

The stellar reading in February was helped in no small part by a sizeable base effect, likely influenced by differences in dates of the Chinese Lunar Holiday between this year and the last, as well as being aided by the leap year effect this year. The overall expansion was primarily driven by a large increase in manufacturing sector output, which represents more than 90% of total industrial production. Additionally, the mining and quarrying, electricity and gas supply, and water supply sectors recorded strong upturns in activity.

On a seasonally-adjusted month-on-month basis, industrial output fell 5.2% in February, having risen 3.6% in January. Meanwhile, annual average growth in industrial production came in at minus 0.4% in February, inching down from the 0.3% decrease recorded in the previous month.

FocusEconomics Consensus Forecast panelists expect industrial production to increase 2.0% in 2020, which is down 0.9 percentage points from last month’s forecast. In 2021, panelists expect industrial output to grow 3.5%.

Author:, Economist

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Taiwan Industry Chart

Taiwan Industry February 20 20 0

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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