Thailand Industry May 2018

Thailand

Thailand: Thai manufacturing production picks up pace slightly in May but undershoots expectations

June 29, 2018

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.

FocusEconomics Consensus Forecast panelists expect manufacturing output to grow 2.8% in 2018, which is up 0.1 percentage points from last month’s estimate. For 2019, the panel expects manufacturing output to increase 2.9%.


Author:, Economist

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Thailand Industry May 2018

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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