Taiwan: Industrial production contracts at a slower pace in March
April 23, 2013
In March, industrial production contracted 3.3% over the same month last year. The figure came in above the 11.6% drop seen in February and overshot market expectations of a 1.8% expansion. The improvement was broad-based, with almost all sectors of industrial activity faring better compared to the previous month.
A month-on-month comparison corroborates the contraction suggested by the annual figures, as industrial production fell 2.6% over the previous month in seasonally adjusted terms, following the 0.51% drop recorded in February.
As a result of the contraction tallied in March, the trend continues to point downwards, with annual average variation in industrial production inching down from 1.5% in February to 1.4% in March.
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%.