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Financial News: Thailand Manufacturing Gains Strength On Robust Output Gro

Thailand Manufacturing Gains Strength On Robust Output Growth

01/04/2023 - 02:20:00 (RTTNews)

(RTTNews) - Thailand's manufacturing activity gained strength at the end of the year driven by sustained improvement in output, survey results from S&P Global showed on Wednesday. The manufacturing Purchasing Managers' index posted 52.5 in December, up from 51.1 in November. Activity expanded at the fastest pace in three months.

Production continued to expand in December and at the second fastest pace on record as manufacturers lifted their activity to complete previous orders. However, new orders contracted due to the deterioration in economic conditions and high inflation. Workforce levels declined as firms attempted to rein in labor costs.

Sentiment remained positive as firms were hopeful that sales can improve as economic conditions recover. Confidence also climbed above the 2022 average.

The deteriorating demand picture does not bode well for the sector going into 2023, suggesting the potential for a slowdown in coming months, Jingyi Pan, economics associate director at S&P Global Market Intelligence, said.

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