Taiwan: Industrial output records lowest expansion since May 2020 in March
Industrial output expanded 2.2% compared to the same month of the previous year in March, which was a deterioration from February’s 9.5% increase. March’s outturn marked the worst reading since May 2020 and was much lower than expectations. The notable weakening was partly due to a deterioration in manufacturing production growth, which expanded at the slowest pace since May 2020. In addition, electricity and gas supply production lost steam.
On a seasonally-adjusted monthly basis, factory output plummeted 6.5% in March (February: +3.4% mom), the worst result since December 2008. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 11.6% in March, down from February’s 13.0%. A large power blackout early in month and lockdowns in mainland China hitting demand and supply chains likely weighed on March’s industrial production figures.