Taiwan: Industry eases contraction in May
June 27, 2013
In May, industrial production dropped a working-day adjusted 0.1% over the same month last year, which represents the highest figure observed in four months. The print followed the 0.8% decline tallied in April and contrasted market expectations of a 1.1% contraction. Contractions in electricity and gas supply as well as in water supply were the most important drivers behind the monthly drop.
On month-on-month basis, industrial output rose 1.0% in seasonally adjusted terms, which contrasts the 0.9% contraction recorded in April. In spite of the softer contraction in May, annual average growth in industrial output was unchanged at 1.5%.
FocusEconomics Consensus Forecast panellists expect industrial production to rise 1.9% this year, which is unchanged from last month's forecast. For 2014, participants expect industrial output to pick up to 3.7%.