In July, manufacturing production contracted 1.1% over the same month last year, which contrasted the revised 3.8% expansion observed in June (initially reported: +3.3% year-on-year). The reading surprised private sector analysts on the downside, as they had anticipated that manufacturing production would accelerate to 5.0%. The main drivers behind the July contraction were sharp falls in manufacturing of communication equipment (June: +1.0% yoy; July: -14.3% yoy) and garments (June: -12.8% yoy; July: -20.0% yoy). A month-on-month comparison points to a much sharper deterioration than suggested by the annual figures, as manufacturing production swung from a 7.98% expansion in June to a 5.81% contraction in July. As a result of the July contraction, the trend continues to deteriorate, with annual average growth in manufacturing output falling from 1.5% in June to 0.8% in July, which represented the slowest pace since manufacturing production started to show positive growth rates in February 2010. Meanwhile, the Bank of Thailand expects the economy to grow 4.1% this year and 4.2% in 2012.
Manufacturing output plummets in July
August 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.