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Thai Oct consumer mood dips for first time in 4 months: survey

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Thai consumer confidence dropped in October after three months of gains, a survey showed on Thursday, due to concern about a recovery in the domestic and global economy plus low commodity prices.

[BANGKOK] Thai consumer confidence dropped in October after three months of gains, a survey showed on Thursday, due to concern about a recovery in the domestic and global economy plus low commodity prices.

The index fell to 73.1 last month from 74.2 in September, the University of the Thai Chamber of Commerce said.

Consumers felt the Thai economy and jobs had not recovered much while low commodity prices had dampened overall confidence, the university said in a statement.

Consumption may not improve much until the first quarter of next year as consumers are cautious about spending, it added.

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An index that projects the mood of consumers over the next three months dropped to 81.6 in October from 82.7 in September, the university said.

The survey was done in the last week of October, following the death of King Bhumibol Adulyadej on Oct 13.

Thailand's highly-revered King Bhumibol died at the age of 88, after 70 years on the throne, plunging the country into grief.

The military government declared official mourning for a year and called for festivities to be curtailed for the first 30 days of the king's death, though it also urged businesses to stay active.

Restrictions on entertainment and television in Thailand will be lifted on Nov 14.

The junta, which seized power in May 2014 to end months of political unrest, has struggled to revive growth for South-east Asia's second-largest economy.

The country's exports have been hurt by weak global demand while high household debts at home have constrained spending.

The Bank of Thailand has forecast economic growth at 3.2 per cent this year and again in 2017. Last year's growth was 2.8 per cent.

REUTERS

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