Thailand: Thai manufacturing production picks up pace slightly in May but undershoots expectations
In annual terms, manufacturing output grew 3.2% in May, up from the prior month’s revised 3.1% year-on-year growth rate (previously reported: +4.0% year-on-year). The result came in below market expectations of a 3.5% increase. It reflected robust expansions in the manufacturing of food products; motor vehicles, trailers and semi-trailers; and computer, electronic and optical products. The result was held back, however, by a marked contraction in the manufacturing of rubber and plastic products.
In seasonally-adjusted month-on-month terms, manufacturing production expanded 1.8% in May, contrasting the prior month’s revised 1.4% contraction (previously reported: -0.8% month-on-month). Annual average growth in manufacturing output was stable at the prior month’s 4.0% in May.