In January, manufacturing production declined 15.2% over the same month last year, which followed the revised 25.3% contraction tallied in December (previously reported: -25.8% year-on-year) and the devastating 47.2% plunge recorded in November. The January print was broadly in line with market expectations of a 14.0% decline and showed that manufacturing of electronics, as well as of motor vehicles continue to contract, albeit at a slower pace. A month-on-month comparison confirms the improvement suggested by the annual figures, as manufacturing output increased a seasonally adjusted 19.1% over the previous month, which came in after the 37.8% expansion observed in December. Annual average variation in manufacturing production deteriorated from minus 9.3% in December to minus 10.8% in January. Although flood waters started to retreat in December, recovery in the Thai manufacturing sector is expected to be protracted and, in fact, the Central Bank expects the recovery in manufacturing output to be delayed until the third quarter. Meanwhile, the Bank of Thailand expects the economy to expand 4.9% this year, before accelerating to 5.6% in 2013.
Manufacturing production declines less sharply in January
February 29, 2012
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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.