Thailand: Manufacturing output improves in August
September 30, 2013
In August, manufacturing production decreased 3.1% over the same month last year. The contraction followed the revised 4.9% decrease recorded in July (previously reported: -4.5% year-on-year). The slowdown came on the back of improving refinery output as well as electronics manufacturing.
On a monthly basis, manufacturing output increased 1.0% in seasonally-adjusted terms, which contrasted the 2.5% fall seen in July. Moreover, annual average growth in industrial production increased from 8.6% in July to 9.3% in August.
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 3.4% in 2013, which is down 1.3 percentage points from last month's estimate. For 2014, the panel expects manufacturing to expand 5.2%.
Author: Dirina Mançellari, Senior Economist