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Financial News: Taiwan Industrial Production Falls Further

Taiwan Industrial Production Falls Further

11/23/2022 - 04:34:00 (RTTNews)

(RTTNews) - Taiwan's industrial production declined for the second straight month in October, while retail sales growth eased further, preliminary data from the Ministry of Economic Affairs showed on Wednesday.

Industrial production decreased 3.56 percent year-on-year in October, after a revised 4.49 percent contraction in September.

The manufacturing output fell 3.40 percent in October from last year, following a 4.52 percent decrease in the prior month.

Electricity and gas supply output slipped 6.36 percent, while mining and quarrying production advanced 6.84 percent.

On a month-on-month basis, industrial production rose a seasonally adjusted 1.65 percent from September, when it fell by 5.19 percent. It was the first rise in three months.

Separate data from the statistical office showed that retail sales increased 2.1 percent annually in October, well below the revised 7.84 percent gain in September.

Sales of food and beverage services registered a double-digit annual growth of 13.8 percent.

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