BANGKOK, 1st August 2018 (NNT) – The Bank of Thailand (BOT) has reported continuous expansion of the Thai economy in June 2018 on the back of exports, tourism, investment and consumption.
In the latest announcement on the Thai economic condition, Ms Pornpen Sodsrichai, Director of the Economic Analysis Office of the BOT, pointed out that the economy in June this year continued to expand from the previous month. She cited exports, which grew as much as 10 percent on the same period last year, as the main economic driver following a surge in overseas demand for Thai products and rising crude oil prices on the world market. Electronics, processed agricultural goods and vehicle parts were the month’s top-ranking exports.
According to Director Pornpen, foreign tourist arrivals edged up by 11.6 percent year-on-year. There were more visitors from Hong Kong and Malaysia, whereas the number of Europeans and Russians coming to Thailand decreased due to the 2018 FIFA World Cup.
Higher income among agricultural households helped boost spending. Private investment expanded well, as evidenced by increases in capital goods imports, domestic sales of machinery and registrations of vehicles for investment purpose while public investment also grew, given additional disbursements by the Department of Rural Roads and the Royal Irrigation Department to their projects.
Headline inflation eased to 1.38 percent from 1.49 percent the month prior after oversupply forced fruit and meat prices down. As for currency exchange, the Thai baht was considered weak compared with the US dollar but was still in sync with other regional currencies.
The BOT projected that the growth momentum of the Thai economy witnessed in the second quarter will last through the latter half of the year. Even so, the central bank says close attention must still be paid to the impact of international trade disputes, tourist confidence following the boat capsizing accident in Phuket, and high household debt.
Source: National News Bureau of Thailand (NNT) National News Bureau & Public Relations : http://thainews.prd.go.th
Reporter/Rewriter : Surapan Laotharanarit