Jan. 23 (Bloomberg) -- Taiwan’s industrial output rose less than economists estimated, as an uneven global recovery hurt demand for the island’s goods and construction declined.
Production climbed 2.39 percent from a year earlier, compared with a revised 5.87 percent gain in November, the Ministry of Economic Affairs said in Taipei today. The median of 13 estimates in a Bloomberg News survey was 6.8 percent.
Taiwan remains vulnerable to fluctuations in demand amid an uneven recovery in the U.S. and Europe, even as accelerating growth in China has boosted exports. Sales of U.S. existing homes unexpectedly fell in December as supply shrank, while some European economies are also struggling to regain strength.
“There is still some uncertainty” about recoveries in the U.S. and Europe, Ma Tieying, a Singapore based economist at DBS Group Holdings Ltd., said before the report. “Europe and the U.S. still account for a large share of Taiwan’s total export demand, so it’s very sensitive to the global business cycle.”
Manufacturing in Taiwan gained 2.84 percent in December from a year earlier, while construction fell 20.42 percent, the report showed today.
The Taiwan dollar was little changed at NT$29.092 against its U.S. counterpart. The benchmark Taiex Index of stocks declined 0.2 percent at the 1:30 p.m. close.
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