Monday, November 30, 2020

Consumer confidence, exports drove Thai recovery in Sept: BOT 

Oct 30. 2020
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By The Nation

The Bank of Thailand reports that the country’s third-quarter recovery continued in September as economic activity rose again.

Public spending continued to be the main driver of the economy, said the central bank’s report on “Economic and Monetary Conditions for September and the third quarter of 2020”. 

Private consumption indicators rose to match the same period last year after recording negative growth for six consecutive months. This was down to improvement in household income and consumer confidence, as well as Songkran substitute holidays in September, said the bank.

The value of exported goods (excluding gold) in September fell by 3.7 per cent, a significant improvement on August’s contraction of 13.6 per cent. 

Exports improved in almost all categories consistent with a recovery of demand in trading partner countries. 

The value of imports excluding gold dropped fell by 6.7 per cent year on year but contracted less than last month. 

However, Thailand received no foreign tourist arrivals for the sixth consecutive month after the travel ban was imposed at the end of March, the bank noted.

On overall economic stability, headline inflation was less negative mainly due to falling energy prices. Core inflation fell slightly. 

The labour market slightly improved as workers registering for furlough payments fell but jobless social security claims remained high. 

The current account registered a surplus mainly from gold exports.

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