FRIDAY, March 29, 2024
nationthailand

Higher growth seen for final quarter of the year

Higher growth seen for final quarter of the year

The Ministry of Finance has forecast higher economic growth for the final quarter of the year than for the last quarter, driven mainly by domestic consumption.

Pisit Puapan, director of the Bureau of Macroeconomic Policy under the Fiscal Policy Office (FPO) and the FPO’s deputy spokesman, said the economy is expected to further expand at a growth rate of 3.3 per cent during the quarter as domestic demands grow while exports remain steady and the number of foreign tourists increase.
The ministry is waiting for December's economic indicators to see whether this year’s growth will reach 4.5 per cent as expected, he said. 
The FPO will announce the actual figures in January . 
November's consumption expanded as reflected in the 5.2 per cent increase in domestic value added tax (VAT) and a 15.5 per cent rise in the collection of import VAT, while higher export is also expected, Pisit said.
Passenger car sales in November jumped 12.8 per cent year on year while VAT at constant prices advanced 9.6 per cent to a 4-month high. Import of consumer products climbed 9.4 per cent.
Private investment grew, led by a 26.9 per cent rise in commercial vehicle sales for the 17th straight month in a row. 
On the construction front, property tax edged up 2.1 per cent and domestic cement sales increased 5.4 per cent, a rise for the seventh straight month from March. 
However, Thai exports in November contracted 0.95 per cent to US$21.2 billion, led by shipments of agricultural and agro-industry products such as beverages, tapioca and canned tuna. Imports totalled $22.4 billion during the month. 
The number of foreign tourists to Thailand increased 4.5 per cent to 3.18 million, led by a 44.6 per cent surge in Malaysian visitors to 41-month high. Tourism income went up 5.18 per cent to Bt167.42 billion. 
 

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