Thai Factory Output Dips

Thailand's industrial output declined for a second straight month, less than expected, due to weaker production of autos and jewelry, suggesting the economic recovery remains fragile, Reuters reported. The industry ministry said on Friday its manufacturing production index in March dropped 0.53% from a year earlier. A Reuters poll had forecast a fall of 1.65%. In February, the index fell a revised 1.09% from a year earlier. Capacity utilization at factories rose to 67.09% in March from a revised 59.97% in February. Industrial goods accounted for 80% of total exports, which jumped 9.2% in March from a year earlier despite falling car exports, customs data showed. Exports, which account for about two-thirds of Thailand's economy, are traditionally a key driver of the country's growth. The Bank of Thailand has forecast the economy will grow 3.4% this year and exports to increase 2.2%. Southeast Asia's second-largest economy expanded 3.2% last year.