Financial News: Taiwan Industrial Output Falls; Retail Sales Growth Accele

Taiwan Industrial Output Falls; Retail Sales Growth Accelerates

03/25/2024 - 05:59:00 (RTTNews)

(RTTNews) - Taiwan's industrial production decreased in February after recovering sharply in the previous month, preliminary data from the Ministry of Economic Affairs showed on Monday.

Separate official data showed that retail sales expanded at the fastest pace in eight months.

Industrial production fell 1.1 percent year-on-year in February, reversing a revised 15.6 percent surge in January.

Among the main sectors, mining and quarrying output declined the most, by 9.8 percent annually in February, followed by that of manufacturing with a 1.2 percent fall.

Data showed that the output produced in the utility sector advanced by 0.78 percent in February, and the water supply segment rose by 2.52 percent.

On a month-on-month basis, industrial production climbed a seasonally adjusted 3.51 percent from January, when it rose by 1.0 percent.

Another report from the statistical office showed that annual retail sales growth accelerated to an eight-month high of 9.3 percent in February from 0.3 percent in January.

Sales of food, beverages, and tobacco in specialised stores alone rebounded 10.91 percent, and those of textiles and clothing in specialised stores jumped by 24.2 percent.

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