Northern economy in step with nationwide growth
While the economy in the South recovered in February, the northern economy expanded at a slower pace on par with nationwide growth, according to the Bank of Thailand.
In the North, private consumption as well as investment slowed compared with February 2005, but exports and tourism both put in an improved performance. The central bank said the collection of value-added tax - a private-consumption indicator - had increased 17.3 per cent from the same period last year. The number of newly registered cars grew by a healthy 12.2 per cent, against growth of 3.2 per cent in January. Incomes in the agricultural sector grew 12.3 per cent year on year due mainly to a 17.5-per-cent rise in the price of main agricultural goods like sugar cane and red onion. But approved construction projects in municipal areas declined 20.9 per cent from the same period last year and investment in the construction sector fell by 6.9 per cent. Imports of machinery and tools dropped 26.5 per cent to US$6 million (Bt229 million), said the central bank. In the North, two companies applied for tax privileges from the Board of Investment in February, down from four firms in the same period last year. However, the investment value was Bt556.5 million, an increase of 20 per cent year on year. Exports from the Northern Industrial Estate via the Lamphun customs checkpoint were worth $114.1 million, 22 per cent over February 2005. Growth was strong thanks to better sales of circuit-breakers, data-based appliances, and jewellery. Northern tourism has also improved, thanks partly to state agency seminars promoting the region following the December 2004 tsunami. Value-added tax collections from hotels and restaurants increased 31.1 per cent from February last year, while passenger arrivals at northern airports rose by 26 per cent. The average occupancy rate at hotels increased to 69.4 per cent, while the average room rate went up by 3.6 per cent to Bt998.70 per night. Anoma Srisukkasem The Nation
|
