A top government think tank -- the Chung-Hua Institution Economic Research (CIER) – says its November figures showed a second month of growth for Taiwan’s manufacturing sector.
CIER says its PMI index – the main index used to chart economic trends – showed its fastest growth in over a year. A reading of above of 50 signifies growth where a figure below 50 indicates a contraction.
The think tank’s PMI figures came in at 54.9 in November. That’s an increase of 3.8% over the previous month and the fastest growth since September, 2018.
CIER Director Chen Shi-kuan said three out of the five major indicators in the PMI increased in November. Those include: new orders, factory output, and employment. Chen said that growth was largely driven by increasing demand during the year-end shopping season.
A CIER analyst also said that the deployment of 5G internet technology has also helped drive up the manufacturing sector numbers and offset the effects of instability in demand from the United States.