Thailand’s PMI September 2024

According to data from S&P Global Market Intelligence, Thailand’s Purchasing Manager’s Index (PMI) reached 50.4 in September, above the 50-point threshold that separates growth from contraction.

Firms continued to expand their workforces at a steady pace in September, with job creation rates remaining among the fastest on record, nearly matching the June peak. Price pressures eased significantly, as average input prices fell at the strongest rate on record, and output charges stabilized, ending a 41-month inflationary period.

New orders and production continued to grow for the third and fifth consecutive months, respectively. Manufacturers took a more cautious approach to purchasing, while labor backlogs increased for the fifth month; they did, however, remain optimistic about production growth over the next 12 months due to increased client demands, new sales strategies, market expansion and a strengthening economy.

In its latest outlook, the International Monetary Fund estimated Thailand GDP growth rate to be 2.7 per cent in 2024 and 2.9 per cent in 2025.

The Association of Southeast Asian Nations (ASEAN) is a political and economic union of ten members, has 667 million people and a territory of 4.5 million Km2; is currently the third largest economy in Asia-Pacific and the fifth largest in the World. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.