The S&P Global Manufacturing Purchasing Managers’ Index (PMI) increased from 44.1 in July to 44.3 in August. As a result, the index remained below the 50-threshold, but pointed to a softer deterioration in business conditions. August saw sharp falls in output, new orders and new export orders. In addition, employment and purchasing activity declined, while
GDP grew 1.5% year on year in the second quarter, contrasting the 2.9% contraction recorded in the first quarter and close to double the growth that markets were expecting. On a seasonally-adjusted quarter-on-quarter basis, GDP expanded 1.7% in Q2, contrasting the previous period’s 0.6% decrease. Q2’s reading marked the best result since Q4 2021. Household
At its monetary policy meeting on 14 December, the Board of Directors of Taiwan’s Central Bank (CBC) left the policy rate at 1.875% for the third straight meeting. The CBC hiked interest rates 75 basis points from early 2022 to early 2023, a much milder tightening cycle than that of most other countries. Contained price
The S&P Global Taiwan Manufacturing Purchasing Managers’ Index (PMI) fell to 48.6 in February from 48.8 in January. As a result, the index moved further below the 50.0 no-change threshold, and signaled a faster deterioration in manufacturing sector operating conditions compared to the previous month. February’s reading—which marked the twenty-first consecutive month of declining business
GDP growth accelerated to 5.1% year on year in the final quarter of 2023, up from 2.3% in the third quarter and beating market expectations. Q4’s reading marked the fastest expansion since Q2 2021. On a seasonally-adjusted quarter-on-quarter basis, economic growth ticked up to 2.1% in Q4, following the previous quarter’s 1.9% increase. Q4’s reading
Industrial output decreased 4.0% year on year in December (November: -2.5% yoy). December’s weakening was due to deteriorations in manufacturing and water supply output. In contrast, electricity and gas supply output rebounded. December’s disappointing manufacturing data was reportedly due in part to shortages of raw materials for AI server production. As a result, industrial production
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) decreased from 44.8 in June to 44.1 in July. As a result, the index moved further below the 50-threshold, pointing to a faster deterioration in business conditions. July saw sharper falls in output, new orders and new export orders relative to June. In addition, employment and purchasing
The S&P Global Manufacturing Purchasing Managers’ Index (PMI) increased from 44.3 in May to 44.8 in June. As a result, the index was still below the 50-threshold, but pointed to a slower deterioration in business conditions. June saw sharp falls in output, new orders, purchasing activity, new export orders and employment, with the latter dropping
At its monetary policy meeting on 21 March, the Board of Directors of Taiwan’s Central Bank (CBC) hiked the discount rate from 1.875% to 2.0%, following three consecutive holds. The decision surprised markets, which had expected a hold. The decision to hike was driven by the desire to contain inflation—which in the past six months
The S&P Global Taiwan Manufacturing Purchasing Managers’ Index (PMI) rose to 49.3 in March from 48.6 in February. As a result, the index remained below the 50.0 no-change threshold, but signaled a softer deterioration in manufacturing sector operating conditions compared to the previous month. The slight improvement in the PMI was driven by slower declines