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Economy recorded stable growth last month: CEPD

The economy flashed another "green light," indicating stable and moderate growth last month, but the overall economic monitoring indicator score dropped 2 points from December to 27, the Council for Economic Planning and Development (CEPD) said yesterday.

The council uses a five-level spectrum to gauge domestic economic health, with blue indicating recession, yellow-blue a slowdown, green steady growth, yellow-red a slight overheating and red an absolute overheating.

Hung Jui-bin (洪瑞彬), head of the council's economic research department, attributed the slide to weak performance in wholesale, retail and food services.

"Surging prices severely affected retail sales," Hung said. "This is the weakest performance in consumption since the outbreak of the cash and credit card default crisis two years ago."

Council officials said that the more than 10 percent rise in the wholesale price index was fully reflected in the drop in sales within the retail, wholesale and food industry sectors.

Last month's index of leading indicators edged up 0.1 percentage points from December, the council said, aided by the rise in construction permits, the semiconductor book-to-bill ratio and producers' inventory -- a sign that business in the manufacturing sector remained strong.

Other components of the index, including stock prices, export orders and M1b money supply, recorded declines, it said.
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