Thailand Industry July 2017

Thailand

Thailand: Manufacturing output jumps by more than expected in July

August 31, 2017

A month-on-month comparison showed that manufacturing output increased 1.1% in July, contrasting last month’s revised 0.9% decrease (previously reported: -3.1% month-on-month). The monthly result was chiefly driven by the basic metals sub-sector

Industrial production increased 3.7% year-on-year in July, coming in above market expectations of a 3.2% increase and contrasting the prior month’s 0.3% decrease (previously reported: -0.2% year-on-year). The third quarter of the year seems to have continued the same volatile trajectory seen throughout the first half of the year. July’s result came on the back of significant improvements in the tobacco, other transport equipment, and electrical machinery and apparatus sub-sectors.

Annual average growth in manufacturing production came in at 1.3% in July (June: +0.7%). The reversal is likely linked to the continued strong performance of Thailand’s external sector, as four-fifths of exports are made up of industrial goods.

FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.5% in 2017, which is down 0.1 percentage points from last month’s estimate. For 2018, the panel expects manufacturing to increase 3.0%.


Author:, Economist

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Thailand Industry July 2017

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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