Thailand Industry May 2017


Thailand: Unexpected increase in manufacturing production in May

June 30, 2017

Manufacturing production unexpectedly swung up in May to 1.4% from the previous month’s revised 1.8% contraction (previously reported: -1.7%) and overshot market expectations of a 0.20% fall. May’s print is the highest reading since January, following a lackluster performance in the first quarter of the year, which initially spilled over into the second quarter last month. May’s print was underpinned by strong performances in the motor vehicles, trailers and semi-trailers, wearing apparel, dressing and dyeing and other transport equipment sub-sectors.

A month-on-month comparison showed that manufacturing output increased a seasonally adjusted 0.3% in May, contrasting April’s 0.9% decrease. Despite the positives in May, the strong showing was not enough to reverse the downward trend: annual average growth in manufacturing production stood at 0.9% in May, down from the previous month’s 1.2%.

FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2017, which is down 0.3 percentage points from last month’s estimate. For 2018, the panel expects manufacturing to increase 3.2%.

Author:, Economist

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Thailand Industry Chart

Thailand Industry May 2017

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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