Thailand Industry September 2017


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.

FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 3.0% in 2018, which is unchanged from last month’s estimate. For 2019, the panel expects manufacturing to increase 3.4%.

Author:, Economist

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Thailand Industry Chart

Thailand Industry September 2017

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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