Consumer confidence index down again last month
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The domestic Consumer Confidence Index (CCI) in February continued its downward trend amid ongoing concerns over domestic and global economic prospects, sluggish exports, weak commodities prices, rising living costs and severe drought.
According to Thanawat Polvichai, director of the University of the Thai Chamber of Commerce’s Economic and Business Forecasting Centre, the CCI stood at 74.7 points last month, down from 75.5 in January, the second consecutive month of decline.
Index scores below 100 indicate negative confidence.
The CCI pertaining to the current situation was 54.7, down from 55.3 in January. The index pertaining to future prospects was 82.7, down from 83.5 in January.
The overall CCI, which reflects views on the economy, stood at 63.5, down from 64.4, while the job-opportunities sub-index was at 69.7, down from 70.3, and the future-income sub-index was 90.7 in February, down from 91.7.
Consumers are concerned about the slow economic recovery, while drought could result in significantly less money in circulation, prompting calls for urgent government stimulus measures.
Negative factors contributing to the declining CCI included the National Economic and Social Development Board cutting its growth forecast for Thai gross domestic product to 2.8-3.8 per cent from 3-4 per cent, sluggish exports, weak prices of agricultural goods and rubber, a hazy global economic outlook, domestic political uncertainty, rising motor-fuel prices, a weak baht and a rising cost of living.
