Macroeconomic Forecast Taiwan

The HSBC Taiwan Purchasing Managers Index (PMI) slipped to 57.4 in May, down from 60.7 in April. The reading represented the 14th consecutive month that PMI had come in above the 50.0 mark (which indicates an expansion in manufacturing). We expect PMI to moderate further in the months ahead as Taiwan's economy stabilises following its sharp recovery, with improved manufacturing output as compared to 2009 spurring the domestic economy onto the 5.9% real GDP expansion that we forecast for 2010.

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