Thailand: Manufacturing output falls for the seventh consecutive month
December 28, 2013
In November 2013, manufacturing production fell 10.6% over the same month of the previous year, which marked a deterioration over the 4.0% drop recorded in October and undershot the 10.1% fall the markets had expected. The figure reflects the base effect from the 2011 flooding which brought manufacturing production growth in November 2012 at 81.3%. November's reading marked the lowest growth rate in more than a year and was mainly driven by falling output in refinery as well as in car production.
On a monthly basis, manufacturing rebounded from a revised 0.2% fall in October (previously reported: -0.1% month-on-month) to a 1.9% increase in November in seasonally-adjusted terms. Moreover, annual average growth in industrial production fell from 7.0% in October to minus 0.6% in November.
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