Taipei, March 3 (CNA) Taiwan's composite index of economic indicators flashed a yellow-red light in January for the second consecutive month, indicating a warming economy, the National Development Council (NDC) said Wednesday.

In addition, the leading economic indicator, which evaluates the economic climate over the next three to six months, also continued to rise in the month, the NDC said.

Economic momentum in export-oriented Taiwan accelerated on the back of emerging technologies such as 5G applications and automotive electronics, while a booming stay-at-home economy amid COVID-19 also boosted the country's tech gadget shipments, the council said.

In addition, old economy industries benefited from a recovery in demand and an increase in orders ahead of the Lunar New Year holiday which fell in February, the council added.

Data released by the NDC, the government's top economic planning agency, showed that the composite index of monitoring indicators, which reflects the existing economic situation, rose three points from a month earlier to 37 in January at the end of the yellow-red light category range of 32-37.

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

Of the nine factors in the composite index, money supply, changes in share prices and business sentiment among manufacturers continued to flash a red light in January, the NDC said.

Revenue posted by the retail, wholesale and food/beverage industries flashed a red light, improving from a yellow-red light a month earlier, according to the NDC.

Industrial production and sales generated by the manufacturing sector flashed another yellow-red light in January, while merchandise exports and imports of machinery and electric equipment flashed a yellow-red light, compared with a green light a month earlier, the NDC said.

Meanwhile, non-farm payrolls continued to flash a blue light, according to the NDC.

In January, the leading indicator rose 0.78 percent from a month earlier to 107.07, marking the ninth straight month of growth, the NDC said.

The NDC noted that six of the seven factors in the leading indicator -- export orders, business sentiment among manufacturers, changes in share prices, money supply, semiconductor equipment imports and employment -- showed signs of improving.

Only one factor -- total floor area of new construction projects -- moved lower in the month, according to the NDC.