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Taiwan's economic indicators signal stable growth in October

2020-11-28
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Taiwan's economic indicators signal stable growth in October
Taiwan's economic indicators signal stable growth in October

Taipei, Nov. 27 (CNA) Taiwan's overall monitoring indicators flashed a "green light" for a third consecutive month in October, signaling a steadily growing economy, the National Development Council (NDC) said Friday.

The composite index of monitoring indicators, which reflects current economic conditions, rose one point from 27 to 28, remaining in the "green light" range, according to the country's top economic planning agency.

That was consistent with the trend-adjusted coincident index, which measures current economic conditions. The index rose for a fifth consecutive month in October, increasing 1.10 percent to 103.27.

The NDC uses a five-color system to gauge the country's economic performance, with blue indicating economic recession, yellow-blue representing sluggishness, green signifying stable growth, yellow-red referring to a warming economy and red pointing to overheating.

Out of the nine factors in the monitoring indicators index, the sub-indexes for customs-cleared exports and imports of machinery and electrical equipment flashed green lights, while industrial production and revenue generated by manufacturers flashed yellow-red lights in October, data showed.

Wu Ming-hui (吳明蕙), head of the NDC's Department of Economic Development, said these monitoring indicators reflected positive performances in Taiwan's industrial and financial sectors and domestic consumption.

Over the past seven months, Wu said, the index of leading indicators, which forecasts the state of the economy in three to six months, has risen 9.01 percent.

That steady rise reflects the clear upward trend of the economy, signifying that the local economy is rebounding from COVID-19 driven weakness earlier this year, she said.

"The only concerns at this point lie externally," Wu said, noting that if the COVID-19 pandemic continues to worsen globally, the effect could seriously affect economic activity in Taiwan.

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