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Manufacturing Output Weak, But Economy Mixed

THAILAND

November manufacturing output growth deteriorated to -4.7% y/y from -4.3% but capacity utilisation rose to 57.9 from 56.8, around Q3’s average. The S&P Global manufacturing PMI has been signalling a contraction in activity since August and the Bank of Thailand’s (BoT) business sentiment measure is also under 50 and order books deteriorated in November, but consumer indicators have been positive. November customs trade data show export growth remains positive, but the global outlook remains uncertain. Given these mixed economic results, BoT is unlikely to change rates in either direction.

Thailand manufacturing

Source: MNI - Market News/Refinitiv/Bloomberg

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