TAIPEI (Taiwan News) — The country’s economic situation remained weak in December, with the blue light indicator staying in place from the previous month, the National Development Council (NDC) said Friday (Feb. 3).
Taiwan uses a five-color system to symbolize its economic performance, with blue standing for contraction, yellow-blue representing sluggishness, green indicating stable growth, yellow-red referring to a warming economy, and red pointing to an overheated or booming economy.
The total score for the indicators in December was 12, the same as in November, but down from 18 in Oct. 2022. The November figure was the lowest level recorded in almost four years.
The NDC noted that trade, manufacturing, finance, and general economic confidence were staying weak, while domestic consumption was expected to remain stable, Radio Taiwan International (RTI) reported. The retail and restaurant sectors were the only ones showing expansion last December.
Global inflation and the pressure to raise interest rates meant that demand in major markets was weak, leading to the possibility of low exports for the near future, according to the NDC.