Thailand: Manufacturing output contracts further in October
November 29, 2013
In October, manufacturing production fell 4.0% over the same month last year, which marked a deterioration over the 2.9% drop recorded in September. October's reading was mainly driven by falling output in car production as well as in electronics.
On a monthly basis, manufacturing output fell 0.1% in seasonally-adjusted terms, which followed the revised 2.6% expansion recorded in September (previously reported: -2.5% month-on-month). Moreover, annual average growth in industrial production fell from 10.4% in September to 7.0% in October.
For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panelists expect manufacturing to expand 1.6% in 2013, which is down 0.9 percentage points from last month's estimate. For 2014, the panel expects manufacturing to expand 5.9%, which is up 0.6 percentage points from last month's estimate.
Author: Dirina Mançellari, Senior Economist