BANGKOK (Reuters) – Thailand’s economic system expanded slowly in February with development within the service sector and a rise in vacationer arrivals offseting a fall in exports from the earlier month, the Financial institution of Thailand (BOT) stated on Friday.
Thailand recorded a present account surplus of $2 billion in February, after a deficit of $0.2 billion within the earlier month, the BOT stated.
There have been 8.73 million overseas vacationer arrivals in Thailand this 12 months as much as March 24, up 44% year-on-year, with guests from China reaching 1.63 million, tourism ministry information confirmed.
The federal government is aiming for a report of 40 million overseas guests this 12 months following the 28 million in 2023.
The economic system in March might be helped by tourism, however export restoration and industrial manufacturing should be intently monitored, Assistant Governor Chayawadee Chai-Anant informed a briefing.
The BOT is monitoring the worldwide financial restoration, authorities spending and financial stimulus measures, she added.
Southeast Asia’s second-largest economic system unexpectedly shrank 0.6% within the last quarter of 2023 from the third, with full-year development at 1.9%, decrease than the two.5% development in 2022.
Final month, the central financial institution lowered its 2024 development outlook to 2.5%-3.0% from 3.2%.
Automotive manufacturing in regional autos hub Thailand fell 19.28% in February from a 12 months earlier, largely because of a decline in manufacturing of pickup vans and extra imported electrical autos (EVs), an area trade group stated.
This week, BOT Governor Sethaput Suthiwartnarueput stated first-quarter gross home product was “not prone to look fairly” however drag components would ease later within the 12 months, and the BOT should make sure the coverage fee was acceptable for supporting long-term development.
Regardless of authorities strain to ease coverage, the BOT final month left its key rate of interest unchanged at 2.50%, the best in additional than a decade, in a cut up vote. It’ll subsequent assessment financial coverage on April 10.
