BANGKOK: Thailand’s manufacturing production index in December fell 6.27% from a year earlier as car production output declined, the industry ministry said on Wednesday.
The figure compared with a forecast for a 3.2% year-on-year fall for December in a Reuters poll, and followed November’s 4.71% decrease.
Output contracted 5.11% in the whole of 2023.
December’s output decline was also due to high household debt and borrowing costs as well as economic growth downgrades, the ministry said in a statement.
Thailand’s household debt was at 90% of gross domestic product as of the third quarter of last year.
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“There are more cautious signs in January, mostly economic concerns, Warawan Chitaroon, head of the Office of Industrial Economics, told a briefing.
Last week, the finance ministry slashed its 2023 economic growth forecast to 1.8% from 2.7% seen earlier. It also expected growth in 2024 to slow sharply to 2.8% from a previous forecast of 3.2%.
The government has repeatedly said the economy is in crisis and needs a big boost from its $14 billion digital handout scheme.
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