Thailand: Manufacturing output contacts for 12th consecutive month
April 30, 2014
In March, manufacturing production fell 10.4% over the same month last year, which was well below the 4.7% drop recorded in February (previously reported: -4.4% year-on-year). March's reading, which marked the 12th consecutive decline, continued to reflect the ongoing political turmoil in the country. The decline was mainly driven by falling output in refinery and textiles.
On a monthly basis, manufacturing fell 2.1% in seasonally-adjusted terms, which followed the 0.5% decrease recorded in February. Moreover, annual average growth in industrial production fell from minus 4.7% in February to minus 5.6% in March.
FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2014, which is down 0.9 percentage points from last month's estimate. For 2015, the panel expects manufacturing to expand 5.9%.
Author: Dirina Mançellari, Senior Economist