Thailand: Manufacturing slows in January
February 28, 2013
In January, manufacturing production increased 10.1% over the same month last year, which came in well below both the 23.0% expansion observed in December and market expectations that had manufacturing output increasing 11.7%. The reading reflects the waning of the favourable base effect due to the flood that affected the country at end of 2011.
A month-on-month comparison saw factory output contracting 0.6% in January in seasonally adjusted terms, which marks an improvement over the 4.7% drop recorded in December. As a result of the monthly rise, annual average growth in industrial production rose from 7.1% in December to 9.1% in January.
For 2013, the Office of Industrial Economics sees manufacturing production rising between 3.5% and 4.5%. FocusEconomics Consensus Forecasts panellists expect manufacturing to expand 6.6% in 2013, which up 0.4 percentage points from last month's estimate. For 2014, the panel predicts manufacturing to expand 6.9%.
Author: Armando Ciccarelli, Head of Data Solutions