Thailand’s industrial output slightly increases in November
by ChemOrbis Editorial Team - content@chemorbis.com
According to media reports, Thailand’s Ministry of Industry reported that the country’s November manufacturing production index rose 0.1% on the year. The index was expected to fall 2.0%, according to a survey by Reuters. However, Thailand’s output declined 2.0% on the month while October’s annual decline rate was revised to 0.83% from the previously announced 4.17%.
Economists attributed the better than expected manufacturing performance in November to higher auto production ahead of new domestic taxes to be implemented in 2016 and jewellery production for year-end gifts. Industrial goods comprised 79% of November’s total exports, which declined 7.4% from a year earlier. For 2015, the ministry expects output to fall or rise by 0.5% while an increase of 2-3% is expected for next year.
Meanwhile, the Bank of Thailand revised its 2015 economic growth forecast to 2.8% from 2.7% while revising down the forecast for 2016 to 3.5% from 3.7%. The country’s economy posted a growth rate of 0.9% in 2014.
Economists attributed the better than expected manufacturing performance in November to higher auto production ahead of new domestic taxes to be implemented in 2016 and jewellery production for year-end gifts. Industrial goods comprised 79% of November’s total exports, which declined 7.4% from a year earlier. For 2015, the ministry expects output to fall or rise by 0.5% while an increase of 2-3% is expected for next year.
Meanwhile, the Bank of Thailand revised its 2015 economic growth forecast to 2.8% from 2.7% while revising down the forecast for 2016 to 3.5% from 3.7%. The country’s economy posted a growth rate of 0.9% in 2014.
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