BANGKOK, Feb. 29 (Xinhua) -- Thailand's industrial output fell for the 16th consecutive month in January, dragged by a decline in domestic sales and shipments of automotive products amid high household debt and interest rates, official data showed on Thursday.
The manufacturing production index dropped 2.94 percent last month from a year earlier, marking the smallest drop since February 2023, according to the Ministry of Industry.
The decline was attributed to a slowdown in auto production during the last six months, along with weak demand from the kingdom's major trade partners, the ministry said in a statement.
However, the expansion of the tourism industry, which saw over 3 million foreign arrivals to the Southeast Asian country in January, and the government's tax refund scheme helped support the industrial output growth.
The ministry maintained its target of a 2 percent to 3 percent increase in the index this year, following a revised fall of 3.78 percent in 2023. ■