Taiwan: Industrial output growth improves in July but remains tepid
Industrial output increased 1.1% year on year in July (June: +0.5% yoy). The upturn was largely due to pickups in manufacturing and water supply output. In contrast, mining growth slowed. On a seasonally-adjusted monthly basis, factory output rebounded, rising 0.5% in July (June: -0.6% mom).
Despite the improvement in the July figures, industrial production growth is far lower than last year’s levels. This is reflective of weakening momentum in China and developed economies, and a cooling of pent-up goods demand now that Covid-19 restrictions have been lifted in most parts of the world for several months.