2013 GDP in industrial sector grows 0.2 per cent

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BANGKOK, Nov 28 – Thailand’s 2013 gross domestic product (GDP) in industrial sector grew only 0.2 per cent. 

Office of Industrial Economics (OIE) director-general Somchai Harnhirun said the original target was projected to grow at 4-5 per cent.

The overall Manufacturing Production Index (MPI) this year will contract to -2.8 per cent, from the original forecast to grow within the range of 3.5-4.5 per cent, he said, due to the high production base last year after the post-2011 flood production acceleration. In addition, a change in manufacturing technology caused a lower number of production output and a higher price per item, as well as a drop in export figures.

The OIE estimated that the country’s GDP in industrial sector next year would grow 2.86 per cent, MPI 2 per cent, and national GDP over 5 per cent. Supporting factors for the growth are the improved world economy, the government’s continued investment in infrastructure projects and low inflationary pressure.

However, the risk factors include low export volume, export structural limitations which based on exported products of low-technology industries, limited household spending, and the government’s low budget disbursements which will defer private investment.