Thailand Industry December 2019

Thailand

Thailand: Manufacturing output drops for eighth-consecutive month in December

January 28, 2020

Thai manufacturing output fell 4.4% year-on-year in December, up from the 8.3% contraction recorded in November but marking the eighth consecutive month of contraction. The drop in December reflected steep falls in automotive and clothing production. Output in the refined petroleum, electronics, steel and iron, food, and rubber and plastics sectors also fell. December data capped a tough year for the Thai manufacturing sector as output fell 3.7% in 2019 compared to the year prior (2018: +3.6% year-on-year).

Sequential data provided a silver lining, however, as output rose 2.1% month-on-month in December (November: -1.6% month-on-month), marking the first monthly increase since July.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 2.0% in 2020, which is up 0.2 percentage points from last month’s estimate. For 2021, the panel sees manufacturing output increasing 3.4%.


Author:, Economist

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Thailand Industry December 2019 0

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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