Taiwan industrial output up

Taiwan’s industrial production surprised analysts by growing in August, even as ratings agency Standard & Poor’s (S&P) cut its forecast for the country’s growth. Industrial production grew 1.8 per cent during August, putting it 1.9 per cent up on a year previously ­– economists had been expecting the data to reveal a 0.4 per cent yearly decline. This came as ratings giant S&P cut its forecast for Taiwanese GDP growth over the year to 1.9 per cent, from its previous estimate of 2.4 per cent.