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MNI BRIEF: Taiwan Oct PMI Lowest Since 2009

MNI (Beijing)

Taiwan's manufacturing activity fell to its slowest pace since 2009 and output expectations slumped to their lowest point since the height of the pandemic in 2020, according to the S&P Global Taiwan Manufacturing PMI released on Tuesday.

The PMI fell to 41.5 from 42.2 in September, with firms citing softening domestic and international demand, as new orders fell for a sixth consecutive month, S&P said. Firms however did report lower input and material costs and were looking to stimulate demand by lowering output prices.

“Taiwan's economy will be impacted by weak demand for some time, we estimate GDP growth at 1.2% in Q4 2022,” S&P said. Taiwanese authorities currently forecast 3.76% GDP growth for 2022.

Today’s data follows weakening consumer confidence reported last week. (See MNI BRIEF: Taiwan Consumer Confidence Drops For Ninth Month)

MNI Beijing Bureau |
MNI Beijing Bureau |

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