BANGKOK, Nov. 27 (Xinhua) -- Thailand's industrial output extended its contraction but at a slower pace in October due to a prolonged decline in auto production amid weak domestic demand and high household debt, official data showed on Wednesday.
The manufacturing production index (MPI) fell 0.91 percent last month from a year earlier, easing from a revised 3.18 percent decrease in September and marking the eighth time contraction so far this year, according to the Ministry of Industry.
The Southeast Asian country's auto production tumbled 25.13 percent in October compared to a year earlier, continuing its downturn for the 15th straight month as financial institutions tightened lending standards to address high household debt and non-performing loans.
However, the government's spending stimulus measures were noted as positive factors, while the expansion of industrial exports and continued growth in the tourism sector resulted in further increases in related industrial goods output, the ministry said in a statement.
For the first 10 months of 2024, the MPI dipped 1.63 percent year-on-year, said the ministry's Office of Industrial Economics Director-General Passakorn Chairat.
The ministry downgraded its MPI projection to a 1.6 percent decrease this year, from the rise between 0 percent and 1 percent expected earlier, Passakorn told a news conference.
In 2025, the MPI is expected to rebound to growth between 1.5 percent and 2.5 percent, thanks to ongoing expansion in international trade, the tourism and service sectors and private investment, the ministry said. ■
