Thailand: Manufacturing output plunges in May
June 28, 2013
In May, manufacturing production plunged 7.8% over the same month last year, which exceeded both the 3.8% contraction observed in April and market expectations of a 4.5% drop. The contraction reflects a large drop in production of electronics and refinery.
On a monthly basis, however, manufacturing output remained flat in seasonally adjusted terms, which followed the 5.2% contraction recorded in April. That said, annual average growth in industrial production fell from 9.4% in April to 8.2% in May.
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 6.6% in 2013, which up 0.4 percentage points from last month's estimate. For 2014, the panel predicts manufacturing to expand 6.9%.