Tourists and exports drove Thai economic expansion in October

Economy November 30, 2017 17:37

Thailand’s economy continued to expand through October, according to the Bank of Thailand in a Thursday report.

Merchandise exports and tourism sectors expanded markedly, consistent with the steady improvement in external demand, and a low base effect from the same period last year. Public spending expanded moderately both in current and capital spending, said the bank. 

The value of merchandise exports grew 13.4 per cent compared to the same period last year. Excluding gold, that figure increases to 14.1 per cent. 

The number of foreign tourists expanded by 20.9 per cent, with the increase consistent across almost all nationalities. The government’s 2016 crackdown on illegal tour operators, mainly serving Chinese tourists, depressed tourist numbers that year.

Manufacturing production remained unchanged due to temporary factors.

Private investment and private consumption grew at a slower pace.

On the stability front, inflation was at 0.86 per cent and the seasonally adjusted unemployment rate remained unchanged from the previous month. The current account posted a surplus as supported by improvements in export value and the tourism sector.