Taiwan Industrial-Output Growth Accelerates to a Nine-Month High
Taiwan’s industrial output rose at the fastest pace in nine months in November, adding to signs the island’s economy is reviving.
Production climbed 5.85 percent from a year earlier, compared with a revised 4.84 percent in October, the Ministry of Economic Affairs said in Taipei today. The median of 13 estimates in a Bloomberg News survey was 5.4 percent.
Taiwan left interest rates unchanged for a sixth straight meeting this month as the prospect of faster economic expansion in China, its largest trading partner, brightens the outlook for overseas sales. Export orders increased at the second-highest pace in 2012 in November, and the government predicts gross domestic product growth of more than 3 percent next year.
“Improving global tech demand led industrial production to accelerate for another month,” Katrina Ell, an economist at Moody’s Analytics in Sydney, said before the release. Still, there are lingering questions over whether the technology gains will be sustained beyond the Christmas shopping season, she said.
The central bank held the discount rate on 10-day loans to banks at 1.875 percent on Dec. 19 after inflation eased from a four-year peak in August. The monetary authority has refrained from adjusting borrowing costs since June 2011.
The Taiwan dollar was little changed at NT$29.128 against its U.S. counterpart at the 4 p.m. close in Taipei. The benchmark Taiex Index of stocks declined 0.1 percent.
To contact the editor responsible for this story: Stephanie Phang at firstname.lastname@example.org