Bangkok, July 31 (IANS) Thailand’s industrial output continued to fall in June due to a decline in automotive manufacturing amid high household debt and rising energy prices, official data showed on Wednesday.
The manufacturing production index (MPI) dropped 1.71 percent in June from a year earlier, accelerating from a revised 1.45 percent decrease in May and marking the fifth month of contraction this year, according to the Ministry of Industry.
Auto production shrank for the 11th consecutive month in June as consumer purchasing power diminished amid high interest rates, the ministry said in a statement, Xinhua news agency reported.
For the first half of 2024, the MPI fell 2.01 percent year-on-year, weighted down by an ongoing decrease in automotive and electronic production, said the ministry’s Office of Industrial Economics Director-General Warawan Chitaroon.
However, recovery in the tourism sector remained a supportive factor for related industries such as petroleum refining and beverage, while cassava starch and its products saw a significant growth in output, Warawan told a news conference.
The ministry said earlier that the MPI is expected to range between zero percent and 1 percent this year.
–IANS
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