Thailand: Manufacturing output contracts in July
August 28, 2013
In July, manufacturing production fell 4.5% over the same month last year. The reading, which marks a deterioration over the 3.2% contraction recorded in June, did not meet market expectations of a softer 1.9% drop. The contraction reflects a decline in both refinery output and food manufacturing.
On a monthly basis, manufacturing output decreased 2.5% in seasonally-adjusted terms, which contrasted the 1.7% increase recorded in June. Moreover, annual average growth in industrial production inched up from 8.5% in June to 8.6% in July.
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 3.4% in 2013, which is down 1.3 percentage points from last month's estimate. For 2014, the panel expects manufacturing to expand 5.2%.
Author: Dirina Mançellari, Senior Economist