Thailand: Manufacturing output contracts in February
March 28, 2013
In February, manufacturing production dropped 1.2% over the same month last year, which contrasted the 10.2% expansion observed in January and was below market expectations of 2.5% fall. The contraction reflected annual declines in a majority of sub-categories, with a notable exception in car production.
A month-on-month comparison saw factory output contracting 1.4% in February in seasonally adjusted terms, which marks a deterioration over the 0.8% drop recorded in January. Despite the monthly drop, annual average growth in industrial production rose from 9.1% in January to 9.3% in February.
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