Thailand Industry


Manufacturing output slows pace of contraction

In June, manufacturing production fell 3.5% over the same month last year. The figure marked a notable improvement over the 7.8% contraction observed in May, but was worse than the 2.7% drop expected by the market. The contraction reflects a milder decline in both refinery output and food manufacturing.

On a monthly basis, manufacturing output rose 1.7% in seasonally adjusted terms, which followed the flat reading recorded in May. The trend also continues to improve, with annual average growth in industrial production rising from 8.1% in May to 8.6% in June.

For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panellists expect manufacturing to expand 3.4% in 2013, which is down 1.3 percentage points from last month's estimate. For 2014, the panel predicts that manufacturing will expand 5.2%.


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Thailand Industry Chart

Thailand Industry June 2013

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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