Thailand Industry June 2017

Thailand

Thailand: Manufacturing output decreases unexpectedly in June

July 29, 2017

Following an increase in industrial output in the previous month, Thai manufacturing output decreased unexpectedly, defying market analysts’ expectations. In June, manufacturing production contracted a marginal 0.2% in annual terms which contrasted May’s revised 1.6% increase in production (previously reported: +1.4% year-on-year) and undershot the market’s expectation of 1.2% growth. The lackluster performance seen in the first quarter continued in the second quarter of the year: manufacturing output continued to yo-yo throughout the first six months of 2017. June’s reading came chiefly on the back of weak performances in the tobacco, fabricated metal products (except machinery and equipment), furniture as well as the machinery and equipment sub-sectors.

A comparison in monthly terms showed that manufacturing output decreased a sizeable 3.1% in June, in contrast to the previous month’s 0.3% increase. The downward trend that has been witnessed since the outset of the year continued in June: annual average growth in manufacturing production came in at 0.7%, down from the previous month’s 0.9%.

FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2017, which is unchanged from last month’s estimate. For 2018, the panel expects manufacturing to increase 3.2%.


Author:, Economist

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Thailand Industry June 2017

Note: Year-on-year changes and annual average variation of manufacturing production index in %.
Source: Office of Industrial Economics (OIE) and FocusEconomics calculations.


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