BANGKOK, 27 September 2013 Thailand’s Manufacturing Production Index shrank in August for the fifth consecutive time this year due to slower output in the auto sector.
The Office of Industrial Economics said the August index contracted by 3.1% from a year earlier as carmakers had completed their massive backlog of vehicle orders spurred by the government’s first car buyer scheme.
The office maintained its growth forecast for manufacturing production this year at 0.5%-1.0% as it predicted a pickup in production next month, thanks to a rise in demand in the textile industry.
The hard drive industry is also recovering and is set to expand by 2.12% as the smartphone market experienced a massive growth spurt.
However, the office said that the country’s overall production index could plummet further if it fails to achieve an annual car output of 2.5 million units this year.
