Connect with us

Economics

Thai economy continued to expand in October

Thai economy for the month of October continued to grow in correspondence with expansion in exports, tourism and spending of the government sector

Aishwarya Gupta

Published

on

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
integrated circuits;

(3) petroleum-related products, from both price and quantity, especially petroleum and
petrochemical products and (4) agro-manufacturing products, particularly rubber products.

 

Comments

Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

Loading...
(more…)

Continue Reading

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

Avatar

Published

on

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

Loading...
(more…)

Continue Reading

Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

Published

on

logomain

Loading...

BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

Source link

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,974 other subscribers

Latest

Trending