Lower consumption dragging down economy
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Thailand's domestic consumption further slid in January, reflected through the 1.2 per cent drop in value-added tax (VAT), according to the Finance Ministry's Fiscal Policy Office.
According to Kulaya Tantitemit, director of the FPO's Macroeconomic Policy Bureau, consumption should be closely monitored.
Consumer confidence in the economic outlook also declined on global uncertainties and low agricultural commodity prices.
Kulaya noted that it was a challenge that export value dropped by 8.91 per cent in the month, though Thailand's market share remained unchanged. Meanwhile, government spending and tourism continued to buoy the economy.
She said that to ensure that Thailand's export value would expand 0.1 per cent on year as expected, the value in the remaining months must show an increase.
