Taiwan’s economy is showing signs of steady growth, with the Purchasing Managers Index (PMI) rising to 53.5% in January. That was the word on Monday from the Chung Hua Institution for Economic Research (CIER).
The think tank said the figure was up 3.4 percentage points from the previous month. A reading above 50 signals expansion in manufacturing activity, while a figure below 50 indicates contraction.
Taiwan has posted a PMI reading above 50 for two months in a row, due to the rapid increase in new orders and production.
Of the six manufacturing industries, only chemical, biological and the medical industry showed contraction. Five other industries all reported growth. The food and textiles industry expanded the most. That was followed by, in order: transportation equipment, basic materials, electronics and optics, and electrical and machinery equipment.
CIER President Wu Chung-shu said the PMI for February is likely to drop, due to the Lunar Chinese New Year holiday in the second half of the month.