According to the data released last month by the Office of Industrial Economics of Thailand, the Thailand’s industrial production index, which measures the change in the total inflation-adjusted value of output produced by manufacturers, mines and utilities, rose 83.3 percent in November to 189.11, from a revised 36 percent in October.
Thailand’s consumer confidence index rose for a third straight month to 80.2 in December from 79.1 in November, according to data from the University of the Thai Chamber of Commerce’s Economic & Business Forecasting Center.
According to the data released last week by Thailand’s Ministry of Commerce, the country’s CPI, which measures the change in the price of goods and services from the perspective of the consumer, rose 3.63 percent in December from 2.74 percent in November. Analysts were expecting that the CPI, which is a key measure of changes in purchasing trends and inflation, would rise 3.23 percent.
CITS Director Aat Pisanwanich said Thai exports in 2013 will expand by 3.1-7.2 per cent.
Risk factors affecting the exports include the fluctuation of the world economy especially in Japan and US, Thailand’s main export destinations, and are tending to continually slow down.
Yesterday the central bank said its seven-member Monetary Policy Committee (MPC) unanimously agreed to hold the one-day repurchase rate for the second straight meeting after a surprise quarter-point cut in October.
The Thai economy in the fourth quarter likely expanded more than previously assessed, leading to an upward growth revision for both 2012 and 2013. Private consumption and investment continued to be the key growth drivers supported by consumer and business confidence, favourable household income, full employment as well as accommodative monetary conditions with continued high rates of credit growth.
Exports sector showed incipient signs of a broad‐based recovery while the service sector and tourism expanded robustly. Inflationary pressure remained stable close to the previous meeting. Nevertheless, the impact of the second‐round minimum wage increase warranted monitoring.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
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