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People's Daily Online>>China Business

Taiwan economy further weakens last month

(Xinhua)

08:41, December 28, 2011

TAIPEI, Dec. 27 (Xinhua) -- Taiwan economy continued to weaken in November amid concerns over the global economy and the European debt crisis, according to the composite index of monitoring indicators released Tuesday by the economic planning department in Taiwan.

The index fell to 17 in November (on a scale of 9-45), down 2 points from a month earlier. Both the lower score and the monitoring indicator's "yellow-blue" light for the fourth consecutive month indicated an economic slowdown.

The department uses five colors to describe the state of economy, with red, yellow-red, green, yellow-blue and blue representing overheating, robust, stable, sluggish and declining, respectively.

The department said in a news release that the slowdown in financial, trade and manufacturing sectors was mainly caused by the European debt crisis, the global economic slowdown and weakening consumer spending.

With the index at 17 in November, it was just one point above the "blue" indicator, which would point to a recession, the department said. However, the labor market remained stable, it said.

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