Thailand: Manufacturing output falls at softest pace in over a year
March 31, 2014
In February, manufacturing production fell 4.4% over the same month last year, which followed the 5.6% drop recorded in January (previously reported: -6.4% year-on-year). February's reading marked the tenth consecutive decline; however this was the slowest pace of contraction that has been recorded since October 2012. The figure was mainly driven by falling output in electronics and refinery.
On a monthly basis, manufacturing fell 0.4% in seasonally-adjusted terms, which contrasted the 0.8% increase recorded in January. Moreover, annual average growth in industrial production fell from minus 4.4% in January to minus 4.6% in February.
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