Thailand April Factory Output Drops 0.36% Year-on-Year
Thailand's April Factory Output Misses Expectations
Thailand's Ministry of Industry reported that the Manufacturing Production Index (THMPI=ECI) dropped 0.36% in April compared to the same month last year, falling short of analysts' forecasts.
Forecasts and Previous Data
A Reuters poll had predicted a year-on-year increase of 0.2% for April, making the actual decline a disappointment. In March, output had risen by a revised 1.30%.
Reasons for the Decline
The ministry attributed the drop to the impact of the Middle East conflict and higher costs that squeezed profits. Additionally, tourism, a key economic driver, weakened, negatively affecting related industries.
Full-Year Outlook
Thai factory output for the full year is now expected to grow between 1.0% and 2.0%, lower than the previous forecast range of 1.5% to 2.5%.
First Quarter and May Outlook
According to the ministry, output grew 0.94% annually in the first quarter. For May, a month-on-month increase is anticipated.
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