InfoQuest, (May 6, 2019) -- The economic growth of Thailand slowed down in this March compared with last month. In terms of foreign demand, both exports and number of foreign tourists have declined. And as for domestic demand, private consumption indicators fell due to the decline in spending on non-durable goods. Due to the previous intensive applications for spending, government expenditures in the month decreased slightly while other types of expenditures continued to grow. Private investment indicators fell as investment in construction and machinery equipment declined, according to Bank of Thailand, the central bank of the country.
In terms of economic stability, both rising domestic retail oil price driven by the rising world crude oil price as well as rising fresh food prices has contributed to higher inflation. The seasonal unemployment rate remained unchanged from the last month. Current account balance still stood at a higher level, while capital and financial accounts experienced net losses.
BOT also pointed out that Thailand's economic growth slowed down in the first quarter of 2019 compared with the previous quarter. This can be attributed to shrinkage in product exports due to slowdown in global demand coupled with depressed industrial production. Another factor is the decline in tourism growth which is partly due to the high base number last year mainly brought by Chinese tourists. However, overall domestic demand was still expanding. Expenditure in all categories performed well. The private consumption indicators of all categories showed a sound growth trend, and the government's recurring expenditure items showed an expansion trend, but the private investment indicators declined slightly.
Source: InfoQuest, by Thapa/ Rachada / Sasithorn, translated by Xinhua Silk Road
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