Taiwan manufacturing sector more optimistic in August: think tank
September 27, 2012, 11:23 am TWN
TAIPEI -- Taiwan's manufacturing sector has grown more bullish about its economic prospects over the next six months because of a mild recovery in the global economy, a local economic think tank reported yesterday.
The seasonally adjusted manufacturing composite indicator for August rose by 1.7 points to 90.23, from 88.53 in the previous month, according to the Taiwan Institute of Economic Research's (TIER's) latest monthly survey of the domestic business environment.
The August rise was the manufacturing composite indicator's second consecutive monthly increase.
The service sector was less optimistic, however, with its composite indicator for August falling by 1.95 points to 88.26, from 90.21 in July, according to the survey.
"The global economy is not continuing to deteriorate and has stabilized recently, easing the concerns we have had the past eight months over the domestic business environment and macroeconomic uncertainties," TIER President David Hong told a media briefing.
"The economy bottomed out in the second quarter, and it will slowly improve in the third and fourth quarter."
Gordon Sun, director of the TIER's Macroeconomic Forecasting Center, added that the service sector had some downside factors in August, such as typhoons, which hurt the tourism and the food and beverage sectors in Taiwan.
The number of Chinese tourists visiting Taiwan fell 14.85 percent month-on-month in August, while outbound tourist numbers fell 10.31 percent from July, the TIER said.