Financial News: Taiwan Industrial Production Falls 7.93%, Retail Sales Gro

Taiwan Industrial Production Falls 7.93%, Retail Sales Growth At 4-Month High

02/01/2023 - 08:37:00 (RTTNews)

(RTTNews) - Taiwan's industrial production declined for the fourth straight month in December, largely led by a sharp contraction in manufacturing output, preliminary data from the Ministry of Economic Affairs showed on Friday. Separate data showed that retail sales growth accelerated markedly at the end of the year.

Industrial production decreased 7.93 percent year-on-year in December, after a revised 5.5 percent fall in November.

Manufacturing output declined the most by 8.40 percent annually in December, followed by electricity and gas supply with a 2.13 percent drop.

The mining and quarrying production fell at a slower pace of 0.80 percent in December, while the output of the water sector increased by 3.99 percent.

On a month-on-month basis, industrial production slid a seasonally adjusted 0.89 percent from November, when it declined by 1.63 percent.

Another report from the statistical office showed that retail sales increased 9.4 percent annually in December, well below the revised 1.8 percent gain in the prior month.

Further, this was the fastest rate of growth since August 2022, when sales had risen 12.02 percent.

Sales of food and beverage services registered a double-digit annual growth of 13.8 percent. Sales at general merchandise stroes showed a strong increase of 10.18 percent.

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