Consumer confidence at 9-month low

Consumer confidence declined for three consecutive months in the month, according to the University of Thai Chamber of Commerce's survey.

While the average confidence fell to 77.7 points, consumers showed least confidence in economic outlook with the index easing to 67.1 points. However, their confidence in future income was as high as 94 points in the month.

The university attributed the decline to the Bank of Thailand's decision to revise downward Thailand's economic growth forecast this year from 4 per cent to 3.8 per cent. The export sector in February also contracted 6.15 per cent from the same period last year. Agricultural crops prices remained low in the month. Consumers also expressed concerns about global economic conditions. 

The positive factors cited in this survey were easing oil prices and the Monetary Policy Committee's decision to cut the policy rate by 25 basis points to 1.75 per cent.