Thai economy helped by exports and manufacturing in August, but tourism slows
2024.09.30 04:16
BANGKOK (Reuters) – Thailand’s economy remained at similar levels in August from the previous month, the central bank said on Monday with economic activity supported by exports and manufacturing, but tourism slowed.
Exports, a key driver of the Thai economy, rose 11.4% in August from a year earlier while imports were up 8.5%, resulting in trade account surplus of $2.4 billion, the Bank of Thailand said.
The current account surplus was $1.4 billion in August, up from a revised $0.1 billion surplus in July, due to accelerated exports of agriculture products to trading partners who faced shortages, the BOT said.
Private consumption increased 0.5% in August from the previous month while private investment fell 3.3%, the central bank said.
The tourism sector, another key economic driver, slowed due to a drop in arrivals after a period of expansion, the BOT said.
Southeast Asia’s second-largest economy grew at a faster pace of 2.3% in the April-June quarter on the year, but analysts said fiscal policy uncertainty clouded the outlook.
The central bank has forecast economic growth of 2.6% for this year, after last year’s 1.9% expansion, which lagged regional peers.
The central bank left its key interest rate unchanged at 2.50% for a fifth straight meeting on Aug. 21 as it wants to see whether the country’s new prime minister will make changes to economic stimulus policies.
The central bank said the current policy rate was not high compared with global rates but it was ready to adjust policy if needed. The next BOT rate review is on Oct. 16.
