Thailand: Manufacturing output growth remains strong in February

Manufacturing output expanded 4.7% year-on-year in February, which matched the revised 4.7% annual growth recorded in the prior month (previously reported: +3.4% year-on-year) and surprised markets on the upside. Sizeable contractions in the manufacturing of beverages and tobacco products were offset by solid increases in the manufacturing of computer, electronic and optical products, and of motor vehicles, trailers and semi-trailers.

In seasonally-adjusted month-on-month terms, manufacturing output increased 0.6%, contrasting the prior month’s sharp 1.4% downturn. Despite the month-on-month drop in production output, annual average growth in manufacturing output increased to 3.4% from 2.9% in January.

Thailand Manufacturing Output Forecast

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 2.4% in 2018, which is up 0.3 percentage points from last month’s estimate. For 2019, the panel expects manufacturing output to increase 2.3%.