The leading economic indicators finally flashed a green light last month, the first such light since May last year, showing that Taiwan is ushering in stable economic growth, the Council for Economic Planning and Development (CEPD) said yesterday.
The total score of monitoring indicators last month was 28 points, up from 20 points in September, as the first green light in 18 months indicated an end to the previous “yellow-blue light” that showed the economy was in transition from slowdown to growth, the report said.
“The indicators show that our economy is moving into stability,” Hung Jui-bin (洪瑞彬), director-general of the council’s economic research department, told a media briefing.
He said the recovery is underway — albeit in a slow manner.
The advance into the green light was attributed to the better performances of the stock price index, industrial production index, electrical and machinery equipment import index and manufacturing industry’s sales index.
The industrial production index grew 7.3 percent year-on-year, compared to a 0.7 percent decline in September.
“Finances and consumer spending were bustling in October, while manufacturing and trade sectors gained stability,” Hung said, adding that there were signs of easing in the unemployment rate.
Meanwhile, the index of leading indicators — used to project the economic landscape three to six months ahead —gained 0.5 points from September to 103.7 points, while the annualized six-month rate of change dropped 0.6 percentage points to 21.2 percent, the council said.
Among the seven components that make up the leading indicators, industrial and service industries’ overtime hours increased by 7.6 hours, which is the highest since October last year, meaning that workers put in extra hours to cope with recovering demand.
The approved construction measure area rose to 1.87 million square meters, the highest since September last year, the council said.
When asked if the Dubai crisis would affect Taiwan’s economy in the near term, Hung said the damage “should be in a controllable scope but the impact remains to be seen.”
The IMF has just increased its loan fund for countries in times of financial crisis to US$600 billion, an increase from its previous pledge of up to US$500 million, while emerging countries have not shown signs of any credit crisis so far, he said.
Dubai World, the government investment company burdened by US$59 billion of liabilities, has asked its creditors for a “standstill” agreement as it negotiates to extend debt maturities.
The move has triggered market fears worldwide of a renewed financial crisis.
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