Thailand: Manufacturing output contracts in April
May 31, 2013
In April, manufacturing production dropped 3.8% over the same month last year, which contrasted both the 1.2% expansion observed in March and market expectations of 1.7% rise. The contraction reflects a large drop in production of electronics and refinery.
A month-on-month comparison corroborates the negative annual reading, as manufacturing output fell 5.1% in April in seasonally adjusted terms, which contrasts the 4.1% rise recorded in March. As a result, annual average growth in industrial production fell from 9.7% in March to 9.4% in April.
For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panellists expect manufacturing to expand 6.6% in 2013, which up 0.4 percentage points from last month's estimate. For 2014, the panel predicts manufacturing to expand 6.9%.
Author: Armando Ciccarelli, Head of Data Solutions