Published:
Taiwan's industrial production dips 3.28%
On the back of weak manufacturing.
According to BBVA, industrial production fell by -3.28% y/y (consensus: +1.8% y/y) on weak manufacturing, especially in the machinery and automobiles & auto parts sectors.
BBVA also said that on a sequential basis after seasonal adjustment, first quarter IP declined by -0.97% q/q sa from Q4 2012. Meanwhile Export orders in March, which was released yesterday, declined by -6.6% y/y (consensus: +1.9% y/y), on weak demand from advanced economies, which was only partially offset by continued growth from the ASEAN market.
"The softness of Taiwan’s growth momentum puts our 3.5% full-year growth projection at some risk," BBVA said.
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