Economy to see significant rebound in March: CIER

The PMI expanded to 57.7 percent in January and declined to 50 percent last month.

Wu said that the long Chinese New Year holiday pushed won productivity in the manufacturing industry, the driver growth in Taiwan's export sector.

He said that even though the PMI has declined, the index is still around the 50-percent mark, and he remains optimistic about seeing future economic growth.

Wu said overall the index remained an optimistic sign due mainly to the holidays and a forecast for growth in export orders. He added that he expects the PMI to see significant growth in March.

According to CIER, the new order purchasing index stands at 54.5 percent, while the labor employment index continued expanding to 51.6 percent. The Supplier delivery time index was 50 percent, productivity quantity 44.8 percent and raw material inventory 49.2 percent — all suggesting the economy contracted, according to the institute.

CIER said that manufactures remain generally optimistic about Taiwan's economic prospects. It added that the manufacturer confidence index has grown 6.3 percent to 67.7 percent.

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