# Economic and Monetary Conditions for August 2024

- Link: https://www.thailand-business-news.com/banking/166674-economic-and-monetary-conditions-for-august-2024
- Published: 2024-10-07T21:54:01+07:00
- Author: SiamNews PR

**Thai economic activity remained steady, with private consumption and merchandise
exports improving. Government spending increased, but tourism slowed and private
investment declined. Inflation decreased, while the current account surplus grew.
Labor market conditions improved.**

---

Summary

### Related**Posts**

###  󠀁[Thailand Business News — Morning Briefing | Tuesday, 3 November 2026 | Thailand, ASEAN and Global Markets](https://www.thailand-business-news.com/news/338217-thailand-business-news-morning-briefing-tuesday-3-november-2026-thailand-asean-and-global-markets)󠁿

###  󠀁[Thailand Business News — Morning Briefing](https://www.thailand-business-news.com/banking/337929-thailand-business-news-morning-briefing-5)󠁿

###  󠀁[Bank of Thailand Raises Growth Forecasts but Warns Recovery Remains Concentrated](https://www.thailand-business-news.com/banking/337755-bank-of-thailand-raises-growth-forecasts-but-warns-recovery-remains-concentrated)󠁿

###  󠀁[Bank of Thailand Joins Singapore and Malaysia in Cross-Border Digital Money Initiative](https://www.thailand-business-news.com/banking/336432-bank-of-thailand-joins-singapore-and-malaysia-in-cross-border-digital-money-initiative)󠁿

ADVERTISEMENT

 * The overall Thai economic activity remained at a similar level compared to the
   previous month. Private consumption slightly increased, mainly in non-durables.
   Merchandise exports improved across several categories, although some of these
   improvements were temporary.
 * Government spending expanded, driven by both current and investment expenditures
   from the central government, as well as investments by state-owned enterprises.
   However, the tourism sector slowed down due to a decrease in foreign tourist 
   arrivals, following a period of good expansion.
 * Meanwhile, private investment declined, particularly in machinery and equipment.
   Industrial production also contracted, partly due to accelerated activity in 
   the previous period and high inventory levels across several categories.
 * On the economic stability front, headline inflation decreased from the previous
   month, mainly due to lower energy inflation, driven by both the high base effect
   from last year and the decline in gasoline prices in line with global oil prices.
 * However, core inflation increased, primarily due to higher prices of prepared
   food. The current account registered a larger surplus from an improvement in 
   the trade balance as a result of lower imports, while the deficit in the services,
   income, and transfers slightly widened from the previous month. Labor market 
   conditions improved overall, supported by higher employment in both the manufacturing
   and services sectors.

**Source** : [https://www.bot.or.th/en/news-and-media/news/news-20240930.html](https://www.bot.or.th/en/news-and-media/news/news-20240930.html?rand=113190)