Thailand sees recovery in 4th quarter
Thailand’s economic growth in the fourth quarter of 2013 is expected to improve after the third quarter showed signs of recovery on the back of steady domestic consumption and private investment, the Bank of Thailand said on November 1 according to a Bangkok Post report.
Improved demand in export markets and robust tourism led the upturn. Mathee Supapongse, the central bank’s senior director of macroeconomic and monetary policy, said the economy is projected to be positive in the fourth quarter, but the forecast does not take into account any problems arising from ongoing political issues.
He said gross domestic product growth in 2013 is expected to be in accordance with the central bank’s latest forecast thanks to export recovery in some sectors. The Bank of Thailand recently slashed its 2013 growth projection to 3.7 per cent from 4.2 per cent predicted in July, as did the Fiscal Policy Office, while the National Economic and Social Development projected a range of 3.8 per cent to 4.3 per cent.
Third-quarter exports contracted by 1.65 per cent year-on-year, which was an improvement from a contraction of 2.18 per cent in the second quarter, according to a Commerce Ministry report. The Private Consumption Index declined by 6.1 per cent in September and 2.1 per cent in the third quarter. The Private Investment Index shrank by 3.3% in September as a result of falling vehicle sales and imports of machinery and equipment, especially in the electronics industry.
The Manufacturing Production Index declined by 2.9 per cent on the back of fragile exports and subdued domestic demand. It contracted by 3.6 per cent in the third quarter. Tourism continued its robust growth, increasing by 27.6 per cent year-on-year in September and 26.1 per cent in the third quarter, with 2.1 million foreign tourist arrivals, mainly from China, Malaysia and Russia.
Thailand's economic growth in the fourth quarter of 2013 is expected to improve after the third quarter showed signs of recovery on the back of steady domestic consumption and private investment, the Bank of Thailand said on November 1 according to a Bangkok Post report. Improved demand in export markets and robust tourism led the upturn. Mathee Supapongse, the central bank's senior director of macroeconomic and monetary policy, said the economy is projected to be positive in the fourth quarter, but the forecast does not take into account any problems arising from ongoing political issues. He said gross domestic product...
Thailand’s economic growth in the fourth quarter of 2013 is expected to improve after the third quarter showed signs of recovery on the back of steady domestic consumption and private investment, the Bank of Thailand said on November 1 according to a Bangkok Post report.
Improved demand in export markets and robust tourism led the upturn. Mathee Supapongse, the central bank’s senior director of macroeconomic and monetary policy, said the economy is projected to be positive in the fourth quarter, but the forecast does not take into account any problems arising from ongoing political issues.
He said gross domestic product growth in 2013 is expected to be in accordance with the central bank’s latest forecast thanks to export recovery in some sectors. The Bank of Thailand recently slashed its 2013 growth projection to 3.7 per cent from 4.2 per cent predicted in July, as did the Fiscal Policy Office, while the National Economic and Social Development projected a range of 3.8 per cent to 4.3 per cent.
Third-quarter exports contracted by 1.65 per cent year-on-year, which was an improvement from a contraction of 2.18 per cent in the second quarter, according to a Commerce Ministry report. The Private Consumption Index declined by 6.1 per cent in September and 2.1 per cent in the third quarter. The Private Investment Index shrank by 3.3% in September as a result of falling vehicle sales and imports of machinery and equipment, especially in the electronics industry.
The Manufacturing Production Index declined by 2.9 per cent on the back of fragile exports and subdued domestic demand. It contracted by 3.6 per cent in the third quarter. Tourism continued its robust growth, increasing by 27.6 per cent year-on-year in September and 26.1 per cent in the third quarter, with 2.1 million foreign tourist arrivals, mainly from China, Malaysia and Russia.
