Thailand: Manufacturing output again beats expectations in September
October 31, 2017
Manufacturing output increased 4.2% in annual terms in September, matching the previous month’s revised print (previously reported: +3.7% year-on-year) and overshooting market expectations of a more modest pace of growth. September’s print closes a strong third quarter, in which the manufacturing sector has posted growth rates unabatedly, following a volatile trajectory through the first half of the year. September’s print was supported by higher output in the motor vehicles, trailers and semi-trailers; rubber and plastic goods; and food products and beverages sub-sectors.
In seasonally-adjusted month-on-month terms, manufacturing output did not grow over the prior month, contrasting August’s strong, revised 3.2% growth (previously reported: +2.7%).
Annual average growth in manufacturing production came in at 1.5% in September (August: +1.3%; previously reported: +1.2%). The manufacturing sector is likely benefitting from the robust external sector, as industrial goods make up four-fifths of exports.
Author: Jan Lammersen, Economist