MONDAY, April 15, 2024

January’s economic data shows Thailand on track for recovery: FPO

January’s economic data shows Thailand on track for recovery: FPO

Thailand’s economic figures in January showed signs of recovery with a rebound evident in tourism, consumption and exports, though private investments have slowed down, the Fiscal Policy Office said.

Pornchai Theeravet, FPO director-general, said on Wednesday that several economic figures, especially exports that expanded for six consecutive months, showed signs of improvement for the country.

He added that Thailand showed signs of economic stability in January, which was reflected in the headline inflation rate of 1.11%, while the core inflation rate was 0.52%.

He noted that the public debt ratio to GDP as of the end of December came in at 61.3%, which was still within the range allowed by the Financial Discipline Act.

He said another indicator of Thailand’s economic strength was the high level of foreign reserves at US$221.6 billion (7.99 trillion baht).

Pornchai added that private consumption had improved from the previous month, which is reflected by the sale of cars. He said car sales in January had risen 2.4% from the same month last year, and 9.4% from the previous month.

He added that the collection of VAT (value-added tax) had risen from the previous month by 1.1%, but had dropped 2.7% compared to the same month last year. He said the average income of farmers had also risen by 0.6% from January last year.

Pornchai said the consumer confidence index rose to 62.9 points in January from 62 in December. He added that this index has been rising for six consecutive months and is at its highest in 47 months.

Private investment, however, has slowed down by 26.5% from January last year but has risen by 2.1% from the previous month. Pornchai noted that Thailand’s exports have been expanding for six consecutive months, with the value coming in at $22.65 billion in January, marking a 10% increase from the same month last year.