Thailand Industry November 2019

Thailand

Thailand: Downturn in manufacturing output intensifies in November

December 27, 2019

The manufacturing sector remained in a tough spot through November, with output falling 8.3% year-on-year, which was down from the revised 8.1% drop recorded in October (previously reported: -8.5% year-on-year) and marked the steepest fall in production since January 2014. Detailed data revealed that the sharp drop in output was driven by a broad-based fall in production, as all six main subsectors saw output decline. The strongest contractions in output were recorded in the automotive, petroleum, apparel, and rubber and plastic subsectors.

Meanwhile, manufacturing production fell 1.6% month-on-month in November, contrasting the revised flat growth rate recorded in October (previously reported: -0.4% month-on-month). Annual average manufacturing production fell 3.2% in November, down from the 2.4% fall logged in October.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 2.0% in 2020, which is up 0.2 percentage points from last month’s estimate. For 2021, the panel sees manufacturing output increasing 3.4%.


Author:, Economist

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Thailand Industry November 2019 0

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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