Thai economy for the month of October continued to grow in correspondence with expansion in exports, tourism and spending of the government sector, said Mr Don Nakornthab, senior director of the Bank of Thailand’s Economic and Policy Department.
Exports expanded 13.4 percent while tourism expanded 20.9 percent for the month of October compared to the same period last year when tourism dropped as a result of the government’s crackdown on the zero-dollar tour, said Mr Don on Thursday (Nov 30), adding that spending of the government sector upped 4.7 percent, excluding overseas money transfers, with investment spending expanding 15.1 percent.
Production of the industrial sector remained stable due to the fact that there were several holidays in October and the fact that it was the month of national mourning over the Royal Cremation of the late King Bhumibol.
Overall industrial production index dropped 0.1 percent with substantial drop in the production of air-conditioners due to cool weather.
In October 2017, the Thai economy continued to expand. Merchandise exports and tourism sectors expanded remarkedly, consistent with the steady improvement in external demand, and low base effect from the same period last year.
Bank of Thailand
Public spending expanded moderately both in current and capital spending. However, manufacturing production remained unchanged due to temporary factors.
While private investment and private consumption grew at a slower pace. On the stability front, inflation and the seasonally-adjusted unemployment rate remained unchanged from the previous month.
The current account posted a surplus as supported by improvements in export value and the tourism sector.
The number of foreign tourists posted a 20.9 percent annual growth, owing to the growth in the number of tourists for almost all nationalities, coupled withthe low base effect of the government’s regulation on illegal tour operators in the same period last year.
After seasonal adjustment, the number of foreign tourists slightly increased by 1.6 percent from the previous month.
Exports Value up 13.4%
The value of merchandise exports continuously expanded in all major export destinations and
most product categories, with a growth of 13.4 percent compared to the same period last year.
Excluding gold, the value of merchandise export expanded by 14.1 percent. The expansion was on the back of continued increase in exports of
(1) automotive and parts, particularly commercial and passenger cars, tires, gears and engines;
(2) electronics and optical appliances, particularly hard disk drives, mobile phones and
(3) petroleum-related products, from both price and quantity, especially petroleum and
petrochemical products and (4) agro-manufacturing products, particularly rubber products.
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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