Thailand Industry May 2020

Thailand

Thailand: Manufacturing production decreases at stronger a pace in May

June 28, 2020

On an annual basis, manufacturing output fell at a more pronounced rate of 23.2% in May (April: -18.2% yoy). The print marked the worst result since November 2011. Moreover, the trend pointed down, with the annual average variation of manufacturing production coming in at minus 8.2% in May, down from April's minus 6.5%.

Manufacturing production fell 6.0% month-on-month in seasonally-adjusted terms in May (April: -10.6% mom).

FocusEconomics Consensus Forecast panelists expect manufacturing output to fall 9.2% in 2020, which is down 0.5 percentage points from last month’s estimate. For 2021, the panel sees manufacturing output increasing 7.4%.


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Thailand Industry May 20 20

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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