Taiwan's industrial production disappoints with 2.4% growth

Still below market expectations.

According to BBVA Research, Taiwan’s December industrial production increased by 2.4% y/y from 5.9% in November, below market expectations (consensus: 6.8%). 

However, on the bright side it was the fifth consecutive month showing positive IP growth on an over-year basis. For the whole year, IP declined slightly by -0.1%, mainly due to weak performance in the first half.

"Meanwhile, Taiwan’s retail sales improved marginally to 1.8% y/y from 1.7% in November, on improved demand for the automobiles and cell phones. We expect retails sales to rise this year on the back of a resilient labor market and expanding tourism sector," BBVA noted.