In February, manufacturing production dropped 3.4% over the same month last year, almost reversing the revised 4.1% expansion registered in January (previously reported: +3.7% year-on-year) and contrasting market expectations, which had seen manufacturing output rising 2.2%. Sharp contractions in coke, refined petroleum and nuclear fuel production as well as in food and beverages output were the main drivers behind the monthly drop. In addition, furniture production dropped for a tenth consecutive month. A month-on-month comparison confirms the drop suggested by the annual figures, as manufacturing output fell a seasonally adjusted 1.86% in February, which contrasted the 1.49% increase observed in January. Owing to the monthly drop, the trend continues to point downwards, with annual average growth in manufacturing output tumbling from 12.4% in January to 9.8% in February, after manufacturing output growth reached its peak in October 2010. Furthermore, the Bank of Thailand expects the economy to expand between 3.0% and 5.0% this year, while the Ministry of Finance anticipates the economy will grow 4.5% this year.
Manufacturing contracts in February
March 31, 2011
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Thailand Economic News
October 17, 2016
On 13 October, Thailand’s beloved King Bhumibol Adulyadej died after a 70-year reign and his successor, Crown Prince Maha Vajiralongkorn, has declared his wish to wait until he ascends the throne.
October 4, 2016
In September, consumer prices inched up 0.04% from the previous month, which contrasted the 0.04% decrease observed in August and overshot market expectations of a 0.1% increase.
September 30, 2016
In August, the trade balance recorded a USD 2.1 billion surplus, which was above the USD 0.7 billion surplus observed in the same month of the previous year and was also higher than the USD 0.8 billion surplus registered in July.
September 30, 2016
In August, manufacturing production increased 3.1% over the same month last year, which was a sharp upswing from the 5.0% contraction seen in July and marked the highest reading in over three years.
September 14, 2016
At its 14 September monetary policy meeting, the Bank of Thailand (BoT) decided unanimously to keep the one-day repurchase rate at 1.50% as the markets had expected. In its press release, the Bank commented that the Thai economy had accelerated in the second quarter on the back of strong private consumption and resilient public expenditure.