BANGKOK, Sept. 28 (Xinhua) -- Thailand's industrial output fell for the 11th straight month in August due to weak global demand despite a slight increase in exports, official data showed on Thursday.
The country's manufacturing production index (MPI) dropped 7.53 percent last month from a year earlier, the steepest plunge since April, according to the Ministry of Industry.
The drop was attributed to slowing domestic growth due to high household debt and interest rate hikes. However, higher domestic consumption on the back of the tourism recovery and low inflation growth were supportive factors, the ministry said in a statement.
Automotive products, electronic components, computers and peripherals saw a significant decline in production last month despite major growth in sugar, chemical fertilizers and petroleum refineries, said the ministry's Office of Industrial Economics Director-General Warawan Chitaroon.
Looking ahead, government stimulus policies, including digital wallet handouts, debt suspension, energy price cuts and minimum wage raises, would boost money circulation across the nation and could result in the expansion of investment and production in the commercial sectors, Warawan told a news conference.