In November 2023, the Thai economy showed signs of stabilization compared to the previous month. Domestic demand saw an increase from both private consumption and investment, while activities in the service sector remained relatively steady.
- In November 2023, the Thai economy stabilized from the previous month. While domestic demand increased from both private consumption and investment, activities in the service sector generally leveled off. In addition, both the value of merchandise exports, excluding gold, and production in the manufacturing sector declined, while public spending also contracted, mainly due to lower capital expenditures.
- On the economic stability front, headline inflation declined from lower energy inflation thanks to the government’s subsidies on domestic benzene prices and lower global crude oil prices. Core inflation slightly decreased due to the high base last year. The labor market conditions remained stable, while the current account balance became deficit due to a deficit in both the trade balance and the net services, income and transfers.