Taiwan's economic authority said on Tuesday that the island's business volume and industrial production index have both witnessed growth on a year-on-year basis.

In the first eight months of this year, business turnover in Taiwan reached 9.56 trillion new Taiwan dollars (316.3 billion U.S. dollars), an increase of 3.1 percent compared to the same period last year, according to the authority.

Business turnover in the wholesale, retailing and catering sectors from January to August grew by 2.6 percent, 4.2 percent and 4.6 percent respectively.

Moreover, the industrial production index on the island totaled 104.79, representing a 5.04 percent year-on-year increase.

The authority expects that the island's wholesale industry will perform better in September as the upcoming holidays on the mainland and moderate growth of Western economies may add momentum to the island's exports.

The retailing and catering sectors may also benefit from the influx of mainland travelers in September, the authority predicted, but it also warned of the impacts of food safety concerns after the recent tainted lard scandal on the island.