Thailand Business News – Thai Economy continued to grow in December

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Driven by tourism and export growth, Thai economy for the month of December continued to expand, said Mr Don Nakorntap, senior director of macro-economics of the Bank of Thailand.

For the month of December, he said that export grew 9.3 % while the number of incoming tourists for the same month increased 15.5 percent from November’s figure, especially tourists from China and Malaysia whereas more tourists from Russia were also reported.

The value of merchandise exports continued to expand in all major export destinations and most product groups, with a growth of 9.3 percent compared to the same period last year, or 10.0 percent when excluding gold.

The expansion was on the back of

(1) continued improvement in external demand for products such as rice, rubber products, telecommunication equipments, electronic parts,
and automotive and parts;

(2) continued increase in crude oil price contributed to the increase in export
of petroleum-related products; and

(3) increase in exports from industries which recently expanded
their production capacity such as hard disk drives (HDD). Steady-improved export trends alsocontributed to the growth of export-related manufacturing production, especially automotive, rubber products, and petrochemical products.

Inflation rate has slowed down in correspondence with a drop in energy and fresh food prices whereas seasonal unemployment rate has stabilized. Current account was in surplus in correspondence with increase in revenue of export and tourism sectors.

Mr Don said export and tourism would be the key players to further drive the economy this year which is in line with the trend of economic recovery…

Thai Economy continued to grow in December