Industrial output booms in April

Latest reading: Industrial output grew 22.3% compared to the same month of the previous year in April to reach a record high (March: +12.8% yoy). Surging manufacturing production was the key driver, thanks to the dynamic tech sector. In contrast, mining and utilities output was soft. On a monthly basis, industrial production rose 8.8% in seasonally adjusted terms in April, contrasting March’s 1.2% contraction.

Panelist insight: On the data, Nomura analysts said: “The strong outturns in exports and industrial production in April lend support to a more positive growth outlook in Q2, as front-loading of shipments continues ahead of the 90-day deadline for reciprocal tariffs and as chips/electronics tariffs have yet to be announced. On the investment side, there have been no cutbacks in capex spending by US CSPs and big Taiwanese tech players thus far, which suggests the narrative of a strong AI investment cycle remains intact.”

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Taiwanese industry projections for the next ten years from a panel of 7 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable industry forecast available for Taiwanese industry.

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