Thailand: Thai manufacturing output contracts in September
Manufacturing output contracted 2.6% year-on-year in September, contrasting a slightly revised 0.8% expansion in August (previously reported: +0.7% year-on-year) and below market expectations of a more moderate 0.5% drop. The result marks the first contraction since April last year and the weakest reading since July 2016. The headline figure was driven by marked drops in the manufacturing of motor vehicles, trailers and semi-trailers; rubber and plastic products; and electrical equipment.
On a seasonally-adjusted month-on-month basis, manufacturing production dropped 1.2% in September, contrasting the 0.3% increase recorded in August. Finally, annual average manufacturing output growth eased to 3.3% in September from 4.0% in August.