Thailand: Manufacturing output falls in September
October 31, 2013
In September, manufacturing production fell 2.9% over the same month last year, slightly down from the revised 2.8% decrease recorded in August (previously reported: -3.1% year-on-year). September's reading was mainly driven by falling output in textiles as well as in refinery.
On a monthly basis, manufacturing output fell 2.5% in seasonally-adjusted terms, which significantly contrasted the revised 1.3% expansion recorded in August (previously reported: +1.0% month-on-month). Moreover, annual average growth in industrial production increased from 9.3% in August to 10.4% in September.
For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2013, which is down 0.9 percentage points from last month's estimate. For 2014, the panel expects manufacturing to expand 5.9%, which is up 0.6 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist