Manufacturing activity in Thailand continued to contract in April and at the sharpest rate in a year, S&P Global said in a report on Friday.

The seasonally adjusted S&P Thailand Manufacturing PMI slid to 49.5 in April, from 49.9 in the month prior, dropping below the 50-mark that separates growth from contraction.

The contraction is driven by a near halt in output growth as new orders fell at the quickest rate in a year.

Firms lowered purchasing activity for the second consecutive month. On the price front, output prices rose for the first time since last August, though only marginally, despite another decline in input costs during April, S&P said.

Looking ahead, Thai manufacturers remained positive that production will rise in the next 12 months, the report said.