# Thailand’s economy experienced a slowdown in September, with declines in both exports and private consumption

- Link: https://www.thailand-business-news.com/banking/172506-thailands-economy-experienced-a-slowdown-in-september-with-declines-in-both-exports-and-private-consumption
- Published: 2024-11-04T08:18:00+07:00
- Author: SiamNews PR

**In September, the Thai economy saw a slowdown in economic activities, with exports
declining and private consumption and manufacturing production decreasing. Despite
this, government spending increased, and foreign tourism receipts improved. Inflation
increased across all major categories, and the current account surplus narrowed.
The labor market remained stable, with improvements in tourism-related services 
employment but weaknesses in the construction and trade sectors.**

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Summary

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 * In the third quarter, the Thai economy expanded from the previous quarter. However,
   in September, economic activities slowed down as exports of goods declined after
   a strong growth in the previous month. Private consumption also declined, particularly
   in durables, consistent with a decrease in manufacturing production, while private
   investment was stable.
 * Nonetheless, foreign tourism receipts improved. Government spending also expanded,
   driven by both current and investment expenditures by the central government,
   while investment expenditures by state-owned enterprises contracted, primarily
   in rail transport projects.
 * On the economic stability front, in September, headline inflation increased across
   all major categories from the previous month. Energy inflation rose due to a 
   low base effect from last year, which had benefited from government subsidies,
   while fresh food prices increased due to higher vegetable prices. Core inflation
   also increased, driven by higher prepared food prices.
 * The current account surplus narrowed as the deficit in services, income, and 
   transfers widened, primarily due to lower tourism revenue during the off-season
   and higher profit repatriation by foreign businesses, while the trade balance
   surplus remained unchanged. The labor market condition was stable from the previous
   month. Employment in tourism-related services improved, while the construction
   and trade sectors weakened, consistent with a slight increase in the ratio of
   unemployment claims to total insured persons.

Details of the economic conditions for September relative to the previous month 
are as follows:

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**Source** : [https://www.bot.or.th/en/news-and-media/news/news-20241031.html](https://www.bot.or.th/en/news-and-media/news/news-20241031.html?rand=113190)