Taiwan: Industrial production contracts less in April
May 24, 2013
In April, industrial production contracted 0.9% over the same month last year. The drop was smaller than the revised 3.0% fall seen in March (previously reported: -3.3% year-on-year) but exceeded market expectations of a 0.5% contraction. The slower contraction was mainly due to an improvement in mining and quarrying as well as in electricity and gas supply.
A month-on-month comparison corroborates the contraction suggested by the annual figures, as industrial production fell 1.00% over the previous month in seasonally adjusted terms, following the 0.96% drop recorded in March.
As a result of the weaker contraction tallied in April, the trend now points upwards, with annual average variation in industrial production inching up from 1.3% in March to 1.5% in April.
FocusEconomics Consensus Forecast panellists expect industrial production to grow 4.7% this year, which is down 0.6 percentage points from last month's forecast. For 2014, the panel expects industrial production to grow 5.9%.