September PMI falls to 44.9
By ECCT staff writers
Taiwan's official Purchasing Managers' Index (PMI) fell by 2.3 points in September from a month earlier to 44.9, the lowest level in more than two years, according to data compiled by the CIER, a leading Taiwanese think tank.
With global demand waning, Taiwan's economic expansion has slowed, CIER President Chang Chuang-chang (張傳章) said at a press conference, adding that international uncertainty in the medium and long term also spurred concerns for businesses.
CIER Vice President Yeh Chun-hsien (葉俊顯) said that the continued implementation of interest rate hikes by major global central banks to slow overall demand had affected Taiwan's export-oriented economy.
Meanwhile, the non-manufacturing index (NMI), which covers service sector activity, also fell 1.6 points in September from a month earlier. However, it remained in expansionary territory at 52.2 for the third consecutive month. CIER attributed the positive result to a better performance and outlook for food and beverage operators, travel agencies, and hoteliers are improving as Taiwan is set to reopen its borders to all inbound and outbound visitors traveling independently or in tour groups on 13 October.