Thai central bank says economy slowed in December
THAILAND’S economy slowed in December last year on a monthly basis from weaker exports and manufacturing, the central bank said on Friday (Jan 31). Thailand’s economic growth has lagged regional peers since the pandemic, hobbled by high household debt and borrowing costs as well as contracting manufacturing.
The central bank said private consumption rose 0.3 per cent in December from November, and private investment rose 0.2 per cent on the month.
Exports rose 8.4 per cent in December from a year earlier, while foreign tourist numbers increased 0.1 per cent from November, the Bank of Thailand said.
The current account surplus rose to US$2.9 billion in December from a surplus of US$2 billion in November.
“(The) Thai economy continued to expand from the previous quarter,” the central bank said, adding that growth was driven by improving activities in the service sector, higher tourism revenue as well as a good expansion in government investment.
Thailand’s economic growth may falter at under 2.9 per cent this year after a weaker-than-expected fourth quarter despite a government cash handout, governor Sethaput Suthiwartnarueput told Reuters on Thursday in his first remarks this year.
SEE ALSO
Sethaput said growth could be close to 2.7 per cent in 2024, with the final quarter pace seen in the 3 per cent-plus range, less than earlier forecast, due mainly to softer-than-expected consumption.
Industry ministry data earlier on Friday showed manufacturing output dropped by a bigger-than-expected 2.1 per cent in December from a year earlier, due to a slump in the automotive industry and weak consumption.
Thailand’s car production fell 17.4 per cent in December from a year earlier, down for the 17th successive month due to lower domestic sales and exports, according to the Federation of Thai Industries. REUTERS
Share with us your feedback on BT's products and services
