Bangkok, The BoT reveals that the Thai economy in 3Q23 expanded from private consumption and increased tourists. It is estimated that October will continue to expand. according to domestic demand-tourism Keep an eye on measures to reduce the cost of living. and conflict in Israel
Miss Chayawadee Chaianan, Assistant Governor Corporate relations line And a spokesperson for the Bank of Thailand (BoT) revealed that the economic and salary conditions in September 2023 are in the direction of recovery. Activities in the service sector continued to recover following the number of foreign tourists. Especially South Korea and India which have several holidays in a row. Meanwhile, tourists from the Middle East and Europe returned to expand after slowing down in the previous period. and Chinese tourists Part of which benefited from measures to exempt visa applications at the end of the month. As for tourism sector income, it continues to increase. This corresponds to the increase in the number of tourists and the rate of hotel occupancy.
In addition, the value of merchandise exports, excluding gold, increased in many product categories, such as jewelry exports to Hong Kong, which received good results during the exhibition. while agricultural products This is mainly due to the export of white rice to South Africa and Benin and processed agricultural products. according to palm oil exports to India and cassava flour to China However, exports of some products decreased, such as automobiles and electrical appliances.
Industrial production remained stable. The production of food and beverage categories improved in line with sugar production from higher sugar prices. The hard disk drive category increases according to the production cycle. Including the rubber and plastic category, which increased following the production of rubber blocks and rubber bands, however, production of the automotive category decreased. From the pickup truck production that had been accelerated in the previous period. In addition, financial institutions are still strict in lending. Including the petroleum category, it decreased due to the temporary shutdown of the refinery for maintenance.
Meanwhile, domestic demand, both consumption and private investment, slowed down after accelerating in the previous period. But spending in the service category continued to increase. Especially in the hotel and restaurant category. This corresponds to the increasing number of foreign tourists. As for government spending, it shrank from both central government expenditure and state enterprise investment.
economic stability General inflation decreased in all main categories. The fresh food category decreased from vegetable prices. More fruits and meat produce are released to the market. Meanwhile, the energy category decreased due to government measures to reduce electricity costs and diesel prices. Core inflation decreased slightly, mainly due to the price of ready-made food. The labor market has continued to improve. For the current account surplus The average exchange rate of the baht against the US dollar depreciated as the market increased its expectation that US interest rates It tends to stay high for a long time. Meanwhile, the Yuan depreciated due to the still fragile Chinese economy. and investors wait for clarity on the government's economic stimulus policy.
For the third quarter of 2023, the Thai economy expanded from the previous quarter following improvements in private consumption and the service sector along with the number of Thai and foreign tourists. The value of merchandise exports, excluding gold, increased from exports of automobiles and parts. and petroleum are important This is in line with the increase in industrial production. However, private investment decreased from the machinery and equipment category after accelerating earlier. In addition, government spending shrank from both current and capital expenditures. Economic stability General inflation decreased in the fresh food category and core inflation category. Meanwhile, the energy category increased in line with the price of gasoline. The labor market continues to recover. As for the current account balance, there was a surplus from the trade balance. In addition, the service balance, income and transfer deficits decreased due to lower profit remittances and service sector expenditures.
BoT spokesperson said about the October trend, it is expected that the economy will continue to expand in line with domestic demand and the tourism sector. In the next period, the recovery of the merchandise export sector must still be followed. government policy Impact of El Niño on agricultural production and prices Including the impact of the Israeli Hamas conflict on energy prices and international demand.
Source: Thai News Agency