TAIPEI (Taiwan News) — The Taiwan Institute of Economic Research (TIER) announced on Monday (Nov. 25) that the Manufacturing Composite Indicator for October dropped to 93.12 points, a decline of 1.75 points, marking its fifth consecutive month of decline.

According to a press release, the Service Sector Composite Indicator rose to 92.15 points, up 0.83 points, breaking a three-month decline. Meanwhile, the Construction Sector Composite Indicator reached 103.83 points, up 2.62 points, reversing a three-month downward trend, per CNA.

TIER Macroeconomic Forecasting Center Director Sun Ming-te (孫明德) said that while there is sustained demand for emerging technologies, traditional industries are recovering at a slower pace. He noted that weak export performance in plastic and chemical products contributed to manufacturers having a slightly more pessimistic outlook in October compared to September.

Sun also highlighted that Taiwan’s consumer price index (CPI) for the first 10 months of this year recorded an annual growth rate of 2.19%, with core CPI at 1.92%. He explained that prices remain relatively stable as countries gradually ease interest rates.

Looking ahead to next year, Sun said Taiwan’s economic growth rate could still reach 3%. He projected that Taiwan’s investment, consumption, and export performance in 2024 will show positive momentum overall.