Thailand Industry


Manufacturing production rebounds in 2012

In December, manufacturing production increased 23.4% over the same month the previous year, which, nevertheless, came in well below the extraordinary 82.3% expansion observed in November and market expectations that had manufacturing output increasing 32.0%. The monthly increase benefited from a low comparison base, as at the end of 2011 a devastating flood swamped industrial zones and hampered production in key sectors. The positive base effect, however, is beginning to wane.

A month-on-month comparison saw factory output contracting 3.1% in December in seasonally adjusted terms, which contrasted the strong 7.9% expansion recorded in November.

In the full-year 2012, manufacturing output expanded 7.1%, rebounding from the 9.0% contraction recorded in the previous year. The increase beat forecasts of the Office of Industrial Economics (OIE), which had expected manufacturing output to expand between 5% and 6% in 2012.

For 2013, the Office sees manufacturing production rising between 3.5% and 4.5%. Meanwhile, the Finance Ministry expects the economy to grow more than 5% this year.

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Thailand Industry Chart

Thailand Industry December 2012

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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