MNI BRIEF: Taiwan's Manufacturing PMI Contracts For 6th Month
Taiwan's manufacturing activity continued to contract in November as firms cited weak demand stemming from a decline in the global economy, according to the S&P Global Taiwan Manufacturing PMI released on Thursday.
November’s PMI rose 0.1 to 41.6, marking the sixth month of contraction in manufacturing activity. Index results above 50 shows an expansion of the manufacturing sector compared to the previous month, while below 50 shows a contraction.
S&P said the PMI results “show a substantial decline in new business from both domestic and international clients”, and noted that firms in November had reduced their inventories at the quickest rate since 2008. On Monday, authorities in Taiwan revised their 2022 GDP forecast downward by 0.70 pp to 3.06%.