Thai May factory output unexpectedly rises 1.4% y-o-y

Thai May factory output unexpectedly rises 1.4% y-o-y

(Bangkok Post photo)
(Bangkok Post photo)

Thailand's industrial output unexpectedly rose in May, thanks to higher production of electronics and rubber, suggesting the economy was gaining momentum.

The Industry Ministry said on Friday its manufacturing production index (MPI) in May increased 1.4% from a year earlier, defying a Reuters poll that had forecast a fall of 0.2%.

April's index was revised to a 1.8% fall year-on-year from a 1.7% decline.

Capacity utilisation at factories rose to 62.1% in May from 53.6% in April.

Industrial goods accounted for about 80% of total exports, which jumped about 13% in May from a year earlier, customs data showed. Exports are traditionally a key driver of growth in Southeast Asia's second-largest economy.

The Bank of Thailand has forecast the economy will grow 3.4% this year and exports will rise 2.2%. It is due to provide its updated forecasts next week.

 


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