Thailand Industry


Manufacturing output falls for the seventh consecutive month

In November 2013, manufacturing production fell 10.6% over the same month of the previous year, which marked a deterioration over the 4.0% drop recorded in October and undershot the 10.1% fall the markets had expected. The figure reflects the base effect from the 2011 flooding which brought manufacturing production growth in November 2012 at 81.3%. November's reading marked the lowest growth rate in more than a year and was mainly driven by falling output in refinery as well as in car production.

On a monthly basis, manufacturing rebounded from a revised 0.2% fall in October (previously reported: -0.1% month-on-month) to a 1.9% increase in November in seasonally-adjusted terms. Moreover, annual average growth in industrial production fell from 7.0% in October to minus 0.6% in November.

FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2014, which is down 0.9 percentage points from last month's estimate. For 2015, the panel expects manufacturing to expand 5.9%.

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Thailand Industry Chart

Thailand Industry November 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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